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Gas Prices Keep Rising Up As the Situation in Ukraine Deteriorate

  • Jovana Kentic
  • May 3, 2022

Ever since the Russian Federation launched an invasion of Ukraine, the global energy market has become unstable, resulting in a 25% increase in gas prices on pumps around the US. Currently, gas is $4.37 a gallon, which is a recent record high.

Despite the Government releasing oil from emergency reserves in April, the gas price went up by 17 cents during the last week. In April, the temporary relief proved to be a short break ahead of a gas spike and newly rising recession fears. 

Market experts expect the prices to keep rising. It’s forecasted that in the next ten days, the prices will be $4.50 a gallon in the next ten days. 

While many believe this may be happening due to China’s recent lockdowns, this isn’t the case. Gas prices are closely tied to oil prices, and the oil market has been experiencing stock ups and downs.

On Monday, US oil prices went down by 6% which is the lowest they’ve been in months. A barrel was $103.09, and it’s expected that prices as low as this will provide some form of reduced pressure on gas pumps.

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Jovana Kentic

A literary aficionado and an aspiring erudite, Jovana chose content writing as a way of sharing new ideas and interesting nuances of everyday life with the world. With an academic background in English language and literature, and command of five more languages, doing research and creating engaging content has never been boring. In her free time, she likes to travel and spend countless hours trying to learn Finnish.

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