The national average will likely reach $4 a gallon by mid-March, one expert said.
President Vladimir Putin has ordered Russian nuclear deterrent forces on alert amid tensions with the West over his invasion of Ukraine. Chantee Lans has the latest developments.
It's not that Russian oil or gasoline make up a major portion of US supplies, Kloza said."Brent is a world market price. It's going to be the most important number out there for a while," he said. The war in Ukraine is only one reason that US gas prices are headed to record levels. Strong demand for gas, which was rising along with the retreat of the Omicron surge in Covid cases, is outpacing supplies for a number of reasons.
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Gas prices dip below $4 per gallon for first time since March, but still 'very volatile'Gas prices have dropped below $4 a gallon on average across the nation for the first time since early March.
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Gas prices fall below $4 a gallon, the lowest point since MarchThe national average for a gallon of gas has fallen below $4 for the first time since early March. The U.S. average has tumbled 20 percent since its June peak, AAA data shows, as fears of a global recession moved oil prices sharply lower.
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Gas prices drop below $4 a gallon for first time since early MarchJUST IN: Gasoline prices dipped to just under the $4 mark for the first time in more than five months - good news for consumers who are struggling with high prices for many other essentials.
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For the first time since March, most stations selling gas below $4Compared to June, gas prices are looking pretty good. But compared to this time a year ago, gas remains more expensive.
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Oil tops $100: When will you see $4 a gallon gas in your state?The national average will likely reach $4 a gallon by mid-March, one expert said.
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Oil tops $100: When will you see $4 a gallon gas in your state?Gas prices were rising before Russia invaded Ukraine, but with the current shock to the oil market, $4 a gallon gas is now likely to be widespread.
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