Gas prices rise as global crude oil market tightens

(NBC) An impact of the war in Ukraine that’s already being felt in the U.S. is the price of gas, now reaching jaw-dropping levels from coast to coast.

The pain at the pump is off the charts. Imagine paying seven dollars a gallon, a reality at some gas stations in Los Angeles.

The unbelievable prices are reverberating nationwide. The national average for a gallon of regular is now $4.07. That’s 46 cents more than just a week ago.

Gas station owner Daniel Sanchez said, “If they keep fighting this war I believe we’ll exceed five dollars in less than a month.”

Russia’s invasion of Ukraine is driving prices higher. In fact, they’ve jumped every single day since the war began.

Although the U.S. does not rely as heavily on Russian oil as many other countries do, expected sanctions both here and abroad will make a tight global crude oil market even tighter, sending prices even higher.

AAA Corporate Communications Manager Doug Shupe said, “The oil market reacts much like the stock market. It gets very jittery when it comes to volatility and we’re seeing a lot of volatility right now. And unfortunately, drivers are paying for that at the gas pump.”

With inflation spiking 7.5% and hourly wages only growing 5.1%, so many already-stretched budgets have been shattered.

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