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The Winners And Losers Of The New Energy World Order

The Winners And Losers Of The New Energy World Order

Russia’s invasion of Ukraine has…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Ukraine Crisis Could Send Gasoline Prices To $4

  • Gasbuddy: The average price per gallon of gasoline reached $3.57 as of Friday,
  • The gas price increase to $4 could happen in the next few weeks, according to analysts.
  • Fighting the surge in gasoline prices will be even tougher today than it was last year when Biden released crude from the strategic petroleum reserve.

U.S. gasoline prices are rising after the Russian invasion in Ukraine and could hit $4 per gallon, according to data from the AAA.

The average price per gallon of gasoline reached $3.57 as of Friday, according to GasBuddy data, after starting the week at $3.51.

A year ago, the average price for gasoline was $2.65 per gallon.

“Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia 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,” AAA spokesman Andrew Gross said, as quoted by the Epoch Times.

The gas price increase to $4 could happen in the next few weeks, according to analysts, if the conflict continues that long.

President Joe Biden this week tried to quench worries about the security of energy supply, saying, “We’re closely monitoring energy supply for any disruption, and we’re executing a plan … toward a collective investment to secure stability in global energy supplies.”

The resident also assured the public the White House will take steps to control prices at the pump, with Biden saying, “I want to limit the pain to the American people fueling at the gas pump … This is critical to me.” No concrete measures for reining in prices were mentioned.

Fighting the surge in gasoline prices will be even tougher today than it was last year when Biden released crude from the strategic petroleum reserve. First, there is the tight global supply of crude, which has been fueling the price rally even before Russia moved on Ukraine.

Second, there is the fact that the U.S. is a major importer of crude oil and has a limited source of it because of its sanctions against Venezuela. As a result, Russia has become a major supplier of the heavy crude U.S. refineries need to produce fuels. Sanction action on Russia’s energy industry could interfere with Biden’s plans for reining in fuel prices at home.

By Charles Kennedy for Oilprice.com

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Leave a comment
  • Jeremy Rhodes on February 26 2022 said:
    Uhhhh... "Could?"
  • George Kamburoff on February 26 2022 said:
    This is the perfect time to change over to electric vehicles, and get off the petroleum treadmill, taking us to unlivable conditions.
    We have two, charged by our PV system which paid back in three years in gasoline savings alone. You can do it, too!
  • DoRight Deikins on February 26 2022 said:
    And due to several reasons, for instance, very few of those dirty oil refineries in the lovely 'green' NE US, limited refined product pipelines, and the Jones Act (prohibits transport between US ports except on US flagged carriers), much of the refined petroleum products used in the NE come from our bon ami, Russia.

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