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MIAMI (CBSMiami) – AAA says the national average for a gallon of regular unleaded gas is up 24 cents in just the past month, now Russia’s invasion of Ukraine is expected to fuel more increases.
That is because Russia is one of the world’s top suppliers of oil and the invasion into Ukraine sent oil prices soaring.
“This conflict injects a lot of volatility into the oil market,” said Andy Gross from AAA.
He said that uncertainty could lead to more increases.
“Because we don’t know how Russia will react to our sanctions. Will they react by turning off the tap for oil flowing into the global markets? It’s doubtful, but they could and just that possibility has spooked the oil markets.”
Experts said prices could stabilize if other oil-rich nations ramp up production.
“We also have strategic stockpiles of oil that we can use in emergencies, and we are likely to tap those stockpiles to try to put more oil on this market and bring down prices,” said Helima Croft of RBC Capital Markets.
Even if that happens, prices are still expected to climb as the summer driving season approaches.