By: Economic & Finance Report
Gas prices is eclipsing higher and higher lately. It looks to be going towards $5/gallon. With all the turmoil that is going around the world, especially with increasing inflation and the war between Russia and Ukraine, gas is going to be skyrocketing according to experts, and their expert opinions.
Currently the US national average gas price is close to $4/gallon, and it is increasing higher rapidly, from the looks of things. Gas prices have increased $1 from last year 2021. Many Americans are already feeling the effects.
On Thursday March 3, 2022; gas prices hit $7/gallon after the announcement that the federal government was releasing 60 million barrels from the national oil reserves. Instead of prices dropping the opposite occurred, having oil prices skyrocket to $7/gallon. Brent Crude oil hit highs of $120/gallon Thursday, March 3, 2022, before stabilizing at $110/gallons. -SB
Image Source: Fox 5 NY