As conflict persists between Russia and Ukraine, it continues to have a direct impact on gas prices.
This is especially true for gas in the United States.
Russia produces one of the highest amounts of gasoline and oil globally.
Gasoline prices have already been on the rise thanks to COVID and inflation, but the conflict between Russia and Ukraine is only going to increase them more.
Cheapest day to get gasoline for your vehicle
What will gas look like Monday, Feb. 28, 2022
AAA has shared that the average price per gallon of gasoline is currently $3.54 per gallon.
One year ago in March of 2021, it was an average of $2.66.
According to Marca, inflation could reach as high as 10% each year due to gasoline prices.
If oil prices reached as high as $110, that’s going to increase the cost of gas by around 2.8% for consumers.
While Biden attempts to assure the public will be protected from sudden spikes, this may not be possible.
Gas price increases over time
Russia’s issues aren’t the only thing driving the price of gasoline up.
This has been going on now for some time.
Inflation pushed gas prices up over the last year faster than any year this century.
Aside from the conflict between Russia and Ukraine, Biden is still working out a nuclear deal with Iran which pushes the price of gas up.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]