Gas prices jumped as much as 20 cents overnight after Russia invaded Ukraine. Drivers can expect to see volatility and climbing prices as spring demand picks up, too.
– Peggy Jefferson may be 6,000 miles away from Ukraine, but she’s feeling the ripple effects at the gas pump.San Antonio gas prices on Friday averaged $3.14 a gallon, the highest in seven and a half years. Prices rose an average eight cents in the past week, but prices spiked at some stations as soon as Russia invaded Ukraine.What it is is a global market.
With uncertainty about what will happen with Russia and Ukraine, DeHaan says we can expect volatility in the market.“The concern is that Russia could somehow slow down oil exports if they wanted to inflict a lot of damage to the U.S. economy and the global economy,” he said.
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