California’s gas prices continue to soar—the state hit a record high at $4.71 a gallon on Feb. 16—and may rise even more as a direct product of the Ukraine-Russia crisis.
Experts recently told ABC30 News that the state average price of gas could possibly shoot up to $5 a gallon.
Patrick De Haan, head of petroleum analysis at Gasbuddy, told the outlet that “If Western countries come after Russia with sanctions, Russia could just say, ‘Hey, we’re just going to cut off oil,” and any involvement could cause a spike in prices.
He added that higher prices may lead to oil companies increasing production substantially, and it could be a long time before prices begin to return to “normal.”
“It’s going to take us maybe a year or two to get back to normal. And for all of these issues to fade to the backdrop before we start to see more of what Californians have grown accustomed to that is $3, $4 dollars a gallon prices,” De Haan said.
The New York Times also reported the crisis’ impact on gas and oil prices, as the latter reached $100 a barrel on Tuesday, marking the highest price point in more than seven years.
They continued by saying that the whole country—along with Europe—has been witnessing a rise as last week, the average price of gas in the U.S. increased by roughly 4 cents to $3.53. This number is about 90 cents higher than the price during the same period last year.
In California, Governor Gavin Newsom’s proposal to halt a gas tax increase in July was subsequently shot down by an array of Democratic legislative leaders, leaving the tax as an additional contributor to the state’s gas price circumstances.
Their reluctance came as a result of the $500 million produced from the tax that goes to vital programs statewide.
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