Russia controls about 10% of the oil market. What that means for gas prices

We’ve already seen economic sanctions and the freezing of Russian assets.

But, since Russia controls approximately 10% of the oil market, what could this mean for your wallet?

Gas prices were already on the rise, and now the threat of war in eastern Europe is fueling fears that you could pay more at the pump.

If you’ve filled up your tank lately, you know that gas prices have been on the rise. Lazaro Birden says it has been rough. “It’s pretty bad if it goes more than four, it’s going to be bad,” said Borden.

With Russia’s invasion of Ukraine, fears have sparked a global supply chain disruption.

Chris Carter is vacationing in Naples. “All of a sudden, you are in a war here in this part of the world, but now that affects everything else,” said Carter.

Volatility overseas could cause volatile prices for American consumers. And people vacationing in Naples already see it.

Larry Dixon says it’s far different from home. “It’s hard, $3.49…in Columbia, SC we’re around $3…$3.15 something like that,” said Dixon.

On Thursday, a barrel of crude oil topped out $100. The domino effect of conflict in easter Europe is being felt in the west.

When you consider what is happening in Ukraine, the thought of paying more at the pump pails compared to the violence they faced. “Four dollars, I mean compared to other countries, I’ve lived overseas, and I’m telling you $4 a gallon isn’t bad,” said Dixon.

President Joe Biden has vowed to keep our prices from rising and is unleashing a series of sanctions against Russia.

“Unfortunately, it’s going to affect the people and our day-to-day lives. It’s not going to affect Putin. That guy is a trillionaire,” Carter said.

Sanctions that were meant to be harmful to President Putin, some believe, they are hurting Americans worse.