Gas Expert: Prices Will Jump 5 To 10 Cents Amid Ukraine Invasion, Likely To Break $4 A Gallon By Spring

Gasoline prices will increase slightly in the coming weeks, and a larger price surge will push gas prices above the $4-per-gallon mark into near-record territory over the course of this year as the Russian invasion of Ukraine continues to affect oil supplies, according to a petroleum expert.

GasBuddy Chief Petroleum Analyst Patrick DeHaan said in a press conference Thursday that the conflict in Ukraine is driving prices up. Gas will increase by 5 to 10 cents in the next 1-2 weeks, he said.

DeHaan began his press conference with a report on the increase in the price of oil early Thursday. Oil prices rose overnight Wednesday and crossed the $100 per barrel mark for a brief period early Thursday morning amidst news of the Russian invasion of Ukraine, as The Daily Wire reported. West Texas Intermediate crude oil, which sets the U.S. price standard, jumped to $100.39 per barrel, while Brent crude, the international standard, rose to $105.60 per barrel early Thursday. Both prices receded throughout the rest of the day, but DeHaan noted that prices finished the day with an increase of about $2 a barrel.

The increase in oil price corresponded to an increase in the wholesale price of gasoline between 8 and 10 cents per gallon. The price hike for gasoline terminals and tanker trucks also meant that gas stations would have to plan on raising prices immediately. “The increase will likely play out over the course of the next several days as stations are filling up with the pricier fuel,” DeHaan said. “They likely will slowly raise their prices over the next 1-2 weeks.” Most states will see prices go up by anywhere from 5 to 10 cents a gallon over the next 1 to 2 weeks,” he added, noting that increases would continue if the conflict continues to drag out.- READ MORE