(TheRedAlertNews.com) – With the war in Ukraine raging and with no end in sight, Americans need to be prepared to pay the highest price for gasoline in many, many years.
Still, those willing to tolerate more financial pain if it hurts Russia and helps Ukraine ask why the United States of America is still buying any crude oil from Russia.
As for the current situation when it comes to the cost at the pump, CNBC notes:
“Oil prices surged Tuesday, with U.S. crude hitting its highest level since June 2014 as Russia bears down on Ukraine’s capital.
“Prices first topped the $100 mark last Thursday when Russia invaded Ukraine, prompting fears of supply disruptions from key exporter Russia, in what is already a very tight market.
“West Texas Intermediate crude futures, the U.S. oil benchmark, jumped 11.3% to $106.50 per barrel. International benchmark Brent crude advanced 9.5% to trade at $107.26, the highest since July 2014.” [emphasis added]
How bad is the growing energy crisis, especially when it comes to gasoline? Here’s one assessment:
“‘The situation in energy markets is very serious and demands our full attention,’ IEA executive director Fatih Birol said in a statement. ‘Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.’” [emphasis added]
One thing is certain, Americans, who are already experiencing sticker shock every time they pull up to a gas pump, need to prepare for even higher prices. At least for the foreseeable future as the war in Ukraine continues.
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