Gas prices are at an all-time high. Many US citizens have been talking about the current raises in gas prices. For a long while now, gas prices have been steadily increasing, but never to the level, we see today. According to an article from USA Today, national averages for a gallon of regular gas and diesel broke records in the United States this month. This greatly impacts the lives of many American citizens, especially those who own automobiles and other fuel-reliant vehicles. Why is this substantial gas price increase occurring?

There are a few reasons for the increase in gas prices. Some of the main factors are Russia’s invasion of Ukraine and the current rise in inflation. Just a little while after the COVID-19 pandemic hit, average gas prices dropped due to the lockdown, COVID cases growing, and people driving much less. The US and Russia are two of the top oil-producing countries in the world. Due to the invasion of Ukraine, sanctions were placed on Russia, weakening its ability to sell oil, along with luxuries and other resources. This brought about a heavy toll on the acquisition of crude oil and gas. Since Russia is one of the biggest sources of these resources, oil prices increased drastically. Since crude oil is needed to form gasoline used in vehicles, gas prices have drastically increased as well.

There are other factors influencing the rapid increase in gas and oil prices. In states like California, gas prices are even higher than in other states, due to the state’s unique fuel blend that is more costly, but better for the environment. The location of refineries and state taxes also play a significant role in the price of fuel. It is estimated that gas prices may continue to increase in the long term. It is difficult to assess with the current inflation and tension going on with Russia invading Ukraine. One can only hope for crude oil and gas prices to decrease and stop prices from surging.