Ukraine-Russia standoff affecting oil market

WASHINGTON, D.C. (February 22, 2022)—The potential invasion of Ukraine by Russia is having a rippling effect on the oil market.

This, in turn, is driving up the price of gasoline in the United States, reflected in pump prices in this area.

The national average for a gallon of gas has risen to $3.53, four cents more than a week ago, according to the American Automobile Association.

A Russian attack would be met by severe financial sanctions led by the United States and its allies. 

Russia will likely retaliate by withholding oil from the world market, which is already tight and struggling to keep up with demand as nations worldwide move on from COVID-related economic slowdowns.

“Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia,” said Andrew Gross, AAA spokesperson. “And if they choose to withhold their oil from the global market, such a move would eventually be reflected in higher gas prices for American drivers.”

Today’s national average for a gallon of gas is $3.53, which is 21 cents more than a month ago and 90 cents more than a year ago, according to AAA.

In this area, gas prices are between $3.34 and $3.49, with Petro Express at 510 N. Ferdon Blvd. being the cheapest, according to Gas Buddy.

The Tom Thumb at U.S. Hwy 90 and Antioch Road has the highest gas prices of that convenience store chain at $3.49 while other Crestview Tom Thumb stations are selling it for $3.45.

Gas at the CEFCO in north Crestview is $3.43.

As always, Mobile and Exxon on South Ferdon have the highest prices at $3.59.

Staff and AAA news release

One thought on “Ukraine-Russia standoff affecting oil market

  1. Pingback: Russia-Ukraine Conflict Continues to Cause Pain at the Pump | Holt Enterprise News

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