Issues between the Ukraine and Russia Could Hit Your Pocketbook Hard
As the tension may seem half of a world away, the after-effects of it will be very close to home. Experts warn that barrel prices of oil will be going over $100 and some say it could go well beyond. The issue can also become a domino effect because the real issue is the cost of logistics and everything will go up already compounding the largest inflation hike we have seen as a country since the '70s The looming concern is also compounded with the threat of Russia cutting off or slowing down the distribution. Typically, a decrease in gas demand during the winter would put downward pressure on pump prices but instead elevated crude prices continue to push pump prices higher. Tuesday, the price of crude oil rose to more than $92 per barrel. Gas prices are coming off their seventh straight weekly advance, according to data from GasBuddy. The national average is up 16.5 cents a gallon from a month ago and 97.2 cents a gallon from one year ago. If barrel prices hit $120 a barrel, we could see $5.00 a gallon, and if they hit $150 a barrel, experts are saying we could see as high as $9.00 a gallon. Although it is unclear how high gas prices will go, we can bank on the fact that it will trickle down and cause everything else to go up again when they do.