(WFRV) – One of the biggest impacts everyone will feel from the fighting in Ukraine is at the pumps.
President Biden already warned that we could feel it when people start filling up their cars. During a recent speech, he says they would release oil from the national reserve as the needs demanded.
Patrick De Haan with GasBuddy says prices did jump earlier in the day, but things have slowed.
“When the market closes, we have already seen many terminals where gas tanker trucks – fuel tanker trucks fill up – have already raised their price to reflect today’s higher costs. So, in theory, as early as right now gas stations are raising their prices to reflect the increase in cost and so Americans could be paying the higher price because of Russia’s incursion as early as right now,” explained De Haan.
De Haan goes on to say the increase will play out over the next week or so.
“As stations are filling up with the pricey fuel, they likely will slowly raise their prices over the next one to two weeks,” added De Haan.
Overall, he says the national average price stands at $3.55 a gallon and could raise 5-15%, “Most states will see prices go up by anywhere from 5 to 10 cents a gallon over the next one to two weeks.” But if the fighting continues, he says it could get worse.
“What happens in Russia could have a profound impact in terms of energy availability and price. So the primary impact is on Americans’ wallets,” said De Haan.