Experts Say Gas Prices Will Likely Increase!

If you’ve noticed that prices are rising at the pump — you’re not alone!

In a news release from the American Automobile Association (AAA) on Monday, spokesperson Ellen Edmonds says the national average for a gallon of gas was $4.06 as of Monday, up 45 cents from more than one week ago.

Edmonds appears to credit the increase to Russia’s invasion of Ukraine last month as part of Russian president Vladimir Putin’s mission to recognize separatist sections of Ukraine as independent states.

The spokesperson adds that the national average for gas has not been this high since July 2008, and that prices are spiking due to an “increase in gas demand” coupled by a “reduction in total supply” amid the Russia-Ukraine conflict.

“As the conflict between Russia and Ukraine continues, crude prices soar, leading to higher pump prices in the U.S.,” Edmonds said.

That same day, Patrick De Haan, head of petroleum analysis at GasBuddy, said in a press release that the national average for gas in the U.S. could increase to $4.50 very soon.

“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008,” De Haan said.

“Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50,” De Haan added.

In his argument, De Haan says recent U.S. sanctions on Russia, in response to their attack on Ukraine, has played a role in increased gas prices.

“We’ve never been in this situation before, with this level of uncertainty. As we lose a major global producer [Russia] under the weight of deserving bipartisan sanctions for invading a sovereign country, the cost is high,” De Haan wrote. “Americans will be feeling the pain of the rise in prices for quite some time, with little good news foreseen.”

In response to these insane prices, AAA noted that the International Energy Agency announced last week “a coordinated release of crude oil from its 31 member countries’ strategic reserves, including the U.S., Germany, Canada, South Korea, and Mexico, to help counter the impact of rising crude prices.”

These countries are expected to release a total of 61.7 million barrels of crude oil, marking “the largest coordinated release since IEA was founded in 1974,” AAA said.

However, AAA added, “Despite this announcement, the impact on pricing has been limited given that the amount of oil planned for release is small in comparison to the amount that flows daily from Russia to other countries around the globe.”