Even Higher Gas Prices For Americans
This is going to be rough.
New reports are coming that are claiming that if Russia does decide to invade Ukraine, Americans who are already overwhelmed with inflation will have to pay even more for gasoline.
According to CNN Business, oil prices are currently up to a 7 year high and if Russia attacks the Ukraine then the White House has already openly admitted that gas prices will rise without a doubt.
That is because Russia is currently the number 2 oil producer in the world behind the U.S. Furthermore, Ukraine is a key energy transit hub where Russia allows natural gas to flow through to get to Europe.
If Russia invades Ukraine the United States will have to sanction Russia’s vast energy resources which will force Russia’s Vladimir Putin to weaponize exports of natural gas and crude oil.
Director of energy futures at Mizuho Securities, Robert Yawger, stated, “There is a very good chance we would reach $100. That’s going to be inflationary with an exclamation point. We don’t need that at all. We can’t afford that at all.”
