Roanoke, Virginia – As a result of the invasion of Ukraine, Russia may be forced to cut back on the amount of oil it sends to Europe in response to Western sanctions, which could have a global impact.
Gas prices in Virginia have increased by 25 cents since last month, mostly as a result of rising oil prices, which, according to analysts, will only continue to climb if Russia withholds its oil too.
Uncertainty is created by the invasion, which pushes up the price of goods and services. As the weather becomes warmer and more cars get back on the road, the demand for gas will continue to increase, driving up the price of gas as a result.
Morgan Dean, a representative for AAA Mid-Atlantic, says that even though we may not see the changes right away, they will happen quickly.
“Even though Russia and Ukraine may feel like it’s on the other side of the globe when you’re talking about such a tightened supply of crude oil, unleaded, and diesel, all of it is related. Any little movement that’s not good for it, can cause some ripple effects, and I think that’s what we’re seeing and what we’ll see over the next few weeks,” said Dean.
Virginia is already 12-cents higher than the highest price we paid in all of 2021.
According to Dean, it is quite possible that Virginia will beat the previous high of $4.01 per gallon set in 2008.
