(Undated) — While concern remains high about the potential for war in Europe, we’re hearing how such a conflict might impact families’ finances here at home.
Most energy analysts agree if Russia invades Ukraine, the U.S. and other Western nations will impose harsh economic sanctions, which will, in turn, slow the flow of oil into the world market, thereby increasing oil prices, perhaps as high as $100 per bbl.
“Oil factors into about 50-percent of what you pay at the gas pump,” said Triple A Illinois’ Molly Hart.
She adds there is already a problem with gasoline production in the U.S.
Production levels are not keeping pace with demand, due in part to pandemic-era impacts.
The highest oil prices have risen in recent memory was in 2007 as sectarian violence gripped the Middle East and bogged down U.S. forces fighting in Iraq and Afghanistan.
Back then, oil prices soared to more than $140 per bbl.
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