Will Russia Invading Ukraine Cause Gas Prices to Rise?

With Americans already struggling with rising gas prices, Russia invading Ukraine could increase prices. The U.S. put sanctions on Russia which could cause a response of Russia suppressing oil exports. During a press conference Biden said, “I know this is hard, and Americans are already hurting. I will do everything in my power to limit the pain the American people are feeling at the gas pump.” Russia is the 2nd largest oil producer in the world. Experts are worried the conflict could negatively impact oil supplies causing gas prices to rise. They believe prices could rise to $5 per gallon or higher in the upcoming months. Energy Word founder Dan Dicker is also predicting this will raise already higher gas rates. “There’s a lot of pent-up demand for energy that’s coming out of the woodwork right now and the supply cannot respond to that. It’s as simple as that. Not just in this country but everywhere else,” Dicker told The Post. “The Russians are just adding more fuel to that fire, but the fire was already burning.” Russia will only impact gas prices if they suppress oil. This isn’t something Putin has said he plans on doing, but that doesn’t mean it won’t happen.