How will gas prices in Springfield be impacted by Russia's invasion of Ukraine?
Greta CrossDrivers in Springfield can expect gasoline prices to continue to rise after Russia invaded Ukraine.
As of Thursday, the national average gas price is $3.54 per gallon, a 88-cent jump from this time last year, according to AAA.
In Springfield, the average gas price is $3.22 per gallon, up 80 cents from last year. As of Thursday afternoon, gas prices ranged from $2.92 at Costco at 281 N. Eastgate Ave. (where prices are discounted for members) to $3.39 at the Kum & Go at 1211 W. Sunshine St., according to GasBuddy.
At 5 a.m. Thursday in Ukraine, Russian forces invaded Ukraine with airstrikes. Explosions were heard in major cities Kyiv, Kharkiv and Odessa, according to news report.
This follows Russian President Vladimir Putin's ordering of troops into rebel-held regions in Ukraine, Monday, to "maintain peace."
In his address to the nation Thursday afternoon, President Joe Biden announced that the U.S. will impose sanctions on four Russian banks, in addition to two banks sanctioned Tuesday. The U.S. and its allies will also set new controls on exports to Russia.
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Friday, NATO will convene in a summit to discuss next steps, Biden said.
How do Russia's actions impact gas prices?
The invasion may affect energy markets, as Russia is one of the world's largest oil and natural gas producers. In 2020, Russia produced an average of 10.5 million barrels of liquid fuels per day, according to the Energy Information Administration. For reference, one of these barrels usually contains about 19-20 gallons of motor gasoline. And the U.S. is a net importer, meaning the U.S. imports more oil than it exports.
Ukraine is a main transit location for oil and gas, so invasion or sanctions may impact access to this oil supply for the U.S. and its allies. In turn, lack of access means higher gas prices for drivers.
Future oil prices may rise to around $100 a barrel, the highest since 2014, according to an AAA news release.
In his address, Biden said Americans should not be worried about the increase of gas prices at the pump.
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"In our sanctions package, we specifically designed to allow energy payments to continue," Biden said. "We're closely monitoring energy supplies for any disruption. And the United States will release additional barrels of oil as conditions warrant."
The preparation for warmer weather impacts the rise of gas prices each year.
In a press conference Thursday, a GasBuddy spokesperson said that the transition to summer gasoline and rebound in demand for gas as temperatures rise impacts the cost of gas annually.
In warmer weather, gas has a higher chance of evaporating from a car, producing additional smog and emissions. Summer gas includes blends that have lower Reid vapor pressure, or lower volatility, to prevent this heightened evaporation, according to GasBuddy. Winter gas has higher Reid vapor pressure, allowing a car to start more easily in cold temperatures.
Traditionally, summer gas is more expensive.
Due to the combination of the affects of Russia's invasion and preparations for warming weather, the national average of regular gas prices is expected to hit at least $4 per gallon, said GasBuddy's spokesperson.
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AAA offers drivers the following tips to save money on fuel:
- Drive the speed limit.
- Avoid rapid, hard starts and stops.
- Use cruise control on the highway to help maintain a constant speed.
- Minimize air conditioning usage.
- Avoid extended idling to warm up the engine, even in colder temperatures.
- Maintain your car according to manufacturer's recommendations.
- Make sure your tires are inflated to the correct level and maintained properly.
- When approaching a red light or stop sign, take your foot off the gas early and allow your car to coast until it's time to break.
Greta Cross is the trending topics reporter for the Springfield News-Leader. Follow her on Twitter and Instagram @gretacrossphoto. Story idea? Email her at gcross@gannett.com