Soaring US gas prices are likely to get even worse after Russia launched a full-fledged invasion of Ukraine — with some experts warning that costs could climb to $5 per gallon or higher in the coming months, reports The NY Post.
As crude oil prices continue to surge, the national average of a gallon of gasoline could hit $3.75 within the next two weeks — a level that could be just “the tip of the iceberg,” according to Gas Buddy analyst Patrick De Haan. The current national average is about $3.54, according to AAA.
Prices could surge even higher if Russia responds to severe sanctions from the US and its allies by curbing oil exports — a move that could push the global cost per barrel to record highs.
“Oil could go up $20, $40, $60 per barrel,” De Haan told The Post regarding that scenario. Right now, a barrel is $92 in the US and close to $100 in London. If oil spikes even higher, the national average could hit $4.50 a gallon, he said. And though $5-a-gallon gas “feels improbable” at the moment, De Haan warned that it’s “not impossible.”
US drivers are already paying steep prices at the pump with inflation at a four-decade high. The US benchmark oil index surged to near $100 per barrel on Thursday after Russia — a key global fuel supplier — defied warnings from the international community and sent troops across the border. By late afternoon in New York, it had settled back down to just over $92.
Some industry analysts predict prices will jump even higher if a prolonged military conflict between Russia and Ukraine ensues.
Energy Word founder Dan Dicker is among those predicting a record surge in consumer gas prices. He has warned that oil prices could reach $150 per barrel — the highest on record.
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