Russian Invasion of Ukraine Could Cause Gas Prices to Spike as High as $7 per Gallon

 By Yehudit Garmaise

If Russia, which exports 10% of the world’s oil, invades Ukraine, financial analysts worry that the price of crude oil will spike, causing gas prices to shoot up skyward for consumers.

Financial analysts say that Russia’s usual output of 10 million barrels of oil per day could decrease if President Vladimir Putin invades Ukraine.

In just the past month, as the world awaits Putin’s next move, the price of crude oil has shown a 13% increase to $94 a barrel.

If the price per barrel of oil hits $100, Energy Word founder Dan Dicker told Yahoo Finance, the price of gas per gallon could soar to $6.50 or $7 per gallon.

To fight increasing gas prices, on November 23, 2021, President Joe Biden ordered the US Department of Energy to release 50 million barrels of oil from its Strategic Petroleum Reserve to increase the supply of gas nationally, and therefore, lower prices.

The presidents’ efforts, however, do not appear to have had any effect on gas prices that just keep rising.

Biden said Thursday that the threat of a Russian invasion of Ukraine right now is “high,” not only because “they have not moved any of their [hundreds of thousands of] troops out,” but “they have moved more troops in.

“Every indication we have is they’re prepared to go into Ukraine, attack Ukraine,” the president said today.