The Rise Of Gas Prices

Gas prices have risen all over the world because of the war between Russia and Ukraine. Gas

prices reached a new peak on march 11 to an average $4. The rise of prices has hit an all time high causing a huge financial pain for millions around the United states. Soaring gas prices is having a big impact on household budgets.

The real reason why gas prices are increasing is because of the scarcity of oil. Russia’s war

with Ukraine has caused a huge rapid 20% increase in oil and gas prices in weeks. On March 8th, President Biden announced a U.S ban on Russia oil and gas imports. Also the U.S imports less than 10% of its oil and gas from Russia.

So companies in the U.S are buying a lot of supplies such as rigs and trucks to supply more oil. Expect gas prices to remain high for weeks or months. Overall the inflation will get worse each month that passes by. If oil prices stay below $100 for a while then drivers may see that gas prices can possibly start decreasing.