As we know, the war in Ukraine with Russia has been going on for months. Even though it is far away and the United States is not involved in the conflict directly, it has taken a toll on us in a very negative way. As high school students, most of us are struggling with the economic repercussions. The rise in gas prices has been detrimental and unfortunate. As of last week the regular national gasoline price rose to $ 4.328 a gallon.
Gas prices have climbed 13 cents over the past week and stand well above the recent low of $4.07 a gallon. Prices surged much higher as investors braced for oil supply disruptions after Russia invaded. The national average for regular gas today is about 23% higher than the day before the invasion of Ukraine. Unfortunately some higher officials think gas will hit $4.50 in the next 10-15 days. The prices don’t look like they are going down in the near future.
In order to beat the inflation, prices would need to climb to $5.30 a gallon. Not only did regular gasoline rise in prices, diesel did too. It has hit a record of $5.54 a gallon. The good news is that the oil market, which sets the pace for gasoline and diesel, is taking a breather. Oil prices fell sharply within the last week. But who knows when or if gas prices will drop.