But the recent surge in gas prices is clearly related to theviolence in Ukraine. Gas prices rise quickly when there鈥檚 any expectation of future disruption to the energy supply. In recent years, Canada has been the biggest foreign oil supplier to the U.S., while Russia is a distant second.
People also ask
Why are gas prices so high right now?
Over the past year, the average national price of a gallon of gas has risen by more than $1.50; that鈥檚 a large increase, and almost half of that happened prior to the conflict in Ukraine. But the recent surge in gas prices is clearly related to the violence in Ukraine.
Will gas prices continue to rise in 2022?
Gas prices are expected to continue to rise, with the national average over $4 for much of 2022. As the national average for a regular gallon of gas broke the all-time record in the United States on Tuesday, many are wondering how long the surge may continue and when prices at the pump will finally drop.
Will the price of gas go up or down with oil?
BYU economics professor Christian vom Lehn says the price of gas responds quickly to changes in the price of oil as well as any expectations that this price will go up in the future. Early indicators suggest prices may start to slowly come down since the price of oil has started to decline from its peak in the first week of March.
Why are gas prices so high in Russia?
Patrick De Haan, head of petroleum analysis at GasBuddy, told USA TODAY last week that the sanctions put on Russia by the U.S. and European Union severely hindered Russia’s ability to sell crude oil, one of the biggest determiners for gas prices. Because the country is one of the biggest energy suppliers, crude oil prices have dramatically risen.