Fuel prices spike amid Ukraine crisis, with some markets hovering near $5 a gallon

[iemanja]

Americans are paying nearly a dollar more for a gallon of gas — to roughly $5 in some markets — than they did last year as the growing threat of war in Ukraine moved oil prices higher.

The U.S. average for regular unleaded gasoline hit $3.53 a gallon on Wednesday, according to AAA. That’s 21 cents higher than last month and a hefty jump from the $2.65 recorded a year ago.

Oil prices climbed as the Russia-Ukraine crisis played out, pushing them within striking distance of $100 a barrel. They’ve eased slightly, with Brent crude, the international benchmark, trading Wednesday at roughly $97 a barrel and West Texas Intermediate, the U.S. benchmark, hovering above $92. But both are up about 40 percent from their early December low points.

Analysts say any further aggression on the part of Russia could attract more sanctions from the United States and Europe, something that could disrupt Europe’s energy supply and send price shocks across the globe. In an address Tuesday, President Biden warned that sanctions would probably affect U.S. consumers.

https://www.washingtonpost.com/business/2022/02/23/gas-prices-ukraine/

I hope patriotism prevails over the pocketbook. Does patriotism even exist anymore?

[ProudMNDemocrat]

1. Republicans and LIARS will blame Biden, not Putin.

Yes this is going to hurt, but the rise in gas prices is not the fault of Joe Biden, but Vladimir Putin.

[Dirty Heads]

4. If anything - it'll give Biden a bit of cover.

Whether the Americans accept that cover? I don't know. But gas prices were already high even before this crisis. If they rise even higher, there's at least a specific thing to point to for the reasoning. That might be enough to pacify those who'd complain about gas prices if there was no Ukraine conflict.

[Dirty Heads]

2. No it doesn't. But even if they want the US to stay out of Ukraine...

Oil prices are still going to remain high due to the conflict and the threat of Russia going further into Europe.

If we go to war - or if we don't - it's not likely to change the current landscape of gas prices because eventually the crisis will only grow with inaction.

[WarGamer]

3. Here in SoCal regular is 4.99

With Premium at 5.29

I expect 20-30 cents higher tomorrow.

[PSPS]

5. AFter-hours DOW futures were down over 800 points an hour ago

[iemanja]

6. OMG

My retirement investments can't take this.