by Brayden Yee
Gas prices have been at an all-time high, and they’re likely not to drop soon, with average prices being at $4.25 per gallon in America, and prices expected to go above $4.00 in Eastern Europe. The rise in gas prices can be attributed to Russia’s invasion of Ukraine, but many different factors are also playing a role.
Russia’s invasion of Ukraine is the main factor that the Biden administration has blamed for the rising gas prices. Russia is among the largest oil exporters in the world, and while little of it has gone to the United States, the effects of the ban on Russian oil affect the whole world. The limitations of Russian oil have been a part of a bigger project the Biden administration has been attempting to complete: ending natural gas imports. Even if fighting in Ukraine stops, gas prices are not expected to drop.
The pandemic has also been a reason why gas prices have gone up. As the pandemic began and people started to stay at home, oil prices went down drastically. As a response, Russia slashed production in order to support the gas prices. As regulations eased up, Russia was reluctant to resume gas production, due to the greater demand for gasoline, and the supply being kept low, gas prices have gone up. The higher demand has been, in part, due to the higher in-person work rates as the year began, increasing the demand for gasoline and its prices along with it.
The rise in the price for gas has been part of a larger issue, with Russia’s invasion of Ukraine as well as the pandemic playing a role as to why the prices have gone up. It is unknown when the prices will begin to stabilize, but with the unpredictable nature of Russia, it is unknown when that will occur. The White House is asking companies to increase production if they want, however, climate activists hope to see a larger shift to reliable renewable energy such as nuclear energy to reduce greenhouse gasses and US reliance on Russia and other countries for oil.
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