Gas prices could rise amid Russian invasion of Ukraine, experts warn

Published: Feb. 24, 2022 at 8:54 PM EST
Email This Link
Share on Pinterest
Share on LinkedIn

GREENVILLE, N.C. (WITN) - The invasion of Ukraine could result in Russia cutting off its oil supplies to Europe. If that happens, the impact would be felt globally, including right here in Eastern Carolina.

This time last year, gas prices were nearly a dollar cheaper than they are now.

Jamar Thigpen, a Pitt County resident, noticed how high gas prices were when he moved to Eastern Carolina. He says filling up his gas tank is turning into a burden.

“I actually am tight on funds right now,” Thigpen said. “It’s making it very hard for me to do the extra stuff that I would like to do.”

And for those who think gas prices are high now, they could potentially go much higher, now that the Russian invasion of Ukraine is underway.

Hanna Kassab, East Carolina University political science professor, says Russia could cut off its supply of oil to Europe as the invasion continues. Investors are even anticipating this will happen.

“Ultimately the price will go up as demand remains constant,” Kassab said. “As demand increases for American oil, Saudi oil, and other locations increases, the world price of oil will increase.”

Patrick Dehann, GasBuddy spokesperson, addressed the impacts of the Russia-Ukraine crisis and explained future predictions on oil prices Thursday afternoon.

“Some people have heard about $6 to $7 a gallon of gasoline. We are likely to see California’s average hit the $5 mark. But I don’t expect anywhere besides California to see anything remotely close to $6,” Dehann said.

Kassab tells WITN the best thing the U.S. government can do is extract oil from federal land and release as much oil as possible to prevent gas prices from going any higher.

According to AAA, the national average of a regular gallon of gas is $3.54 and $3.44 in North Carolina.

Copyright 2022 WITN. All rights reserved.