Drivers in the Chicago area will undoubtedly notice the changing prices at the gas pump lately, with prices climbing closer to $5 for many, reflecting a trend happening nationwide amid Russia’s war on Ukraine.
CNBC reports the underlying cost of oil accounts for more than 50% of the cost of gas that consumers put in their cars.reporting that sanctions aimed at crippling Russia’s ability to export crude oil spiked gas prices by nearly 41 cents in the last seven days alone. And some experts warn things may only get worse.
“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising – it is the cost of choking off Russia from energy revenue,” Patrick De Haan, head of petroleum analysis for GasBuddy, said in a statement. “As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before.
According to GasBuddy, prices are expected to continue rising, potentially to a record high, through the summer months. Current forecasts predict the national average could reach $4.25 per gallon by Memorial Day.
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