Gas prices are soaring in the U.S. and Europe. Here’s how much you could end up paying.
How expensive will gas prices get?
Fuel prices are soaring in the U.S. and Europe, and the price per gallon is expected to get even more expensive.
A year ago, the national average gas price in the U.S. was $2.65 a gallon. As of last Thursday, it was $3.54. Experts say this number could increase to $4 in the coming weeks. In markets where gas is already expensive, this number could go up to $5.
Gas prices are expected to rise even further after Russia’s invasion of Ukraine, a senior Defense Department official told USA Today.
Brent crude oil is approaching $100 after Putin signed an order to send forces into Ukraine, and the trend is likely to continue, according to Bloomberg.
Experts say the conflict between Russia and Ukraine could disrupt oil supplies in the region. Russia is the second-largest oil producer globally, behind the U.S. More than a third of Europe’s gas supply comes from Russia, and a third of that is shipped through Ukraine.
A pending nuclear deal between Iran and the U.S. is another factor that’s said to be making gas more expensive. Fears that a deal won’t be reached could further cut supply, and push prices even higher.
Take a look at the lowest prices per US Gallon for this week as reported by Gasoline Prices, a website that records fuel prices in Europe.
The highest prices skyrocket all the way to nearly $9 per gallon.
The biggest gains in the energy sector are oil, coal, and Benchmark Dutch futures, which rose around 62%, a number not seen since 2005, according to Bloomberg. German power also dramatically increased to 58% for March.
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