Gas Will Soon Be $5 Per Gallon And Things Will Only Get Worse

Oil prices are rising, and experts warn that consumers should be prepared for more price increases. According to AAA data, the current national average is $3.61 per gallon, up around $1 from this time last year, however, car owners in some places are spending as high as $4.50 per gallon.

Nonetheless, on February 28, Patrick De Haan, the head of petroleum analysis at price tracker GasBuddy, predicted that petrol would achieve an all-time high of $5 per gallon "within the next couple of weeks." De Hann followed up his statement on March 3 with another tweet declaring that San Francisco had the unfortunate luck of being the first city in the United States to reach the $5-gallon average mark.

Fuel prices were already rising before Russia invaded Ukraine, and the conflict is simply exacerbating the problem. The United States and other countries decided to release 60 million barrels from their supplies, half of which would come from the United States, to reassure oil dealers that the Ukraine crisis would not result in a supply shortage, but oil traders remained unimpressed.

“Markets dismissed the notion that 60 million barrels of strategic reserves released will be consequential to the risks of Russian supply jeopardized,” Mizuho Bank's Tan Boon Heng stated in a report.