Ukraine invasion causes more pain at the pump as gas prices rise again

Reporter: Andryanna Sheppard
Published: Updated:
FILE – Gas price is seen at a Mobil gas station in Vernon Hills, Ill., Friday, June 11, 2021. Energy stocks powered through the broader market’s January 2022 slump and are poised to keep rising as long as oil prices stay high and worries about looming interest rate hikes remain. Oil companies and firms that provide services to the industry have been a safe bet as the economy recovers and oil supplies remain constrained. (AP Photo/Nam Y. Huh, File)

Gas prices are already the highest they’ve been in about eight years and experts predict they are going higher after Russia’s invasion into Ukraine.

How much can you expect to pay at the pump? We do know, it’s more than you’re paying right now.

AAA’s website shows Florida’s average price for regular gas jumped close to a dollar in the last year and the numbers keep ticking up.

With Russia’s attack on Ukraine, there’s bound to be even more pain at the pump.

AAA spokesman Mark Jenkins explained, “Crude prices are up about $5 as of this moment that we’re talking right now, which can translate to about a 12.5 cent increase at the pump.”

According to AAA, gas jumped more than 25 cents in the last month. From about $3.22 to $3.48.

Jenkins said it’s “resulting in people paying more than $50 to fill up an average-sized tank of gas. This time last year, it cost a little less than $40.”

Russia is the world’s third-largest oil producer.

Although the U.S. gets most of its petroleum elsewhere, many countries rely on Russia.

Should they cut off gas exports, it could lead to increased global demand for oil from other countries.

“Now we’re moving into a time of year when gas prices typically increase due to normal seasonal trends,” Jenkins added. “People are driving more because of spring break and summer and things like that. And then refineries are also conducting maintenance.”

He says there’s no concern about supply and running out of fuel, but you will pay more.

If you want to save some money, look into rewards programs offered by many large chain stations. you can also check your credit cards for cash back offers. And of course, GasBuddy can help you find the lowest price in your area. There are also cash back apps like GetUpside.

Put them all together and the savings can add up.

But remember, when using savings apps, you may be giving up some of your personal information. So read the privacy policy to make sure it works for you.

 

Copyright ©2024 Fort Myers Broadcasting. All rights reserved.

This material may not be published, broadcast, rewritten, or redistributed without prior written consent.