Gas prices in US reach upwards of $7 a gallon; expected to increase following Russian oil ban
By Mike-Ross
Millions of Americans all around the country have to deal with soaring gas prices, as the national average per gallon reaches the highest it's ever been.
Now, gas prices will increase even further after President Biden announced a new ban on Russian oil Tuesday.
The ban includes Russian oil, liquified natural gas and coal imports to the U.S., which will no doubt soon affect Americans who already feeling pain at the pump.
Prices at the pump are the highest they've ever been. The national gas average has skyrocketed at $4.17 a gallon.
"I'm gonna have to start walking," one customer said.
How much you pay at the pump is expected to continue growing.
"The decision today is not without cost here at home. Putin's war is already hurting American families at the gas pump," Biden said.
As of Tuesday morning, the least expensive gas was found in Arkansas, Oklahoma, Kansas, Missouri and South Dakota. The most expensive was seen in California, Oregon, Nevada, Alaska and Hawaii. In some California counties, prices hit upwards of $7 a gallon.
GasBuddy predicting a national average price of at least $4.25 a gallon by Memorial Day.
However, the U.S. is vowing to tap into strategic oil reserves to help ease the pain for Americans.
"We saw this happen back in November, and the impact was minimal at best and pretty short-lived," said Alexis Christoforous, with Yahoo Finance.
To help keep your prices down, GasBuddy recommends:
Increasing fuel efficiency.
Using apps that show gas prices nearby.
Joining gas station loyalty programs.
"We also need to take into consideration we're in spring and summer so the demand for gas will affect supply," AAA spokesperson Molly Hart said.
The high price of gas has many people looking for alternatives. Golf Mill Ford has a shiny new Mustang Mach-E in the showroom and it's drawing a lot of attention. Dealers say interest in electric cars that use no gas is way up.
"Because of the price of gas it's making it more of a priority for them," said John Crane, at Hawk Auto Group. "That's where people are digging in deeper, saying how can I make an electric car work for me?"
Businesses everywhere are feeling the impact of higher gas prices, including the airline industry which was already hard hit by the pandemic. The timing is especially bad with the busy spring and summer travel seasons coming up.
Fares are expected to rise and analysts say consumers may opt for shorter, less expensive spring break trips and summer vacations.
"Throw in fuel price escalation like this and people will shift to bus and car travel to spread those costs a little more," said Joe Schwieterman, an airline expert at DePaul University.
"Try to get those flights booked, especially if you're hoping to travel this summer or this fall, or even in the winter," said Scott Keyes, the founder of Cheap Flights. "If you don't book it today and then you wait three months to book your flights, well, it's very possible that flight prices could be significantly higher by then."
The cost of oil has climbed past $120 a barrel, which is higher than it's been in well over a decade. There are concerns it could go as high as $170 a barrel by the end of the week.
You are currently reading about Gas prices in US reach upwards of $7 a gallon; expected to increase following Russian oil ban. If you've found this helpful, please share Gas prices in US reach upwards of $7 a gallon; expected to increase following Russian oil ban on your favorite social media site, such as Facebook, Twitter, or Google+
