According to experts, the rise in gas prices is due to many factors, including the conflict between Russia and Ukraine and the demand for oil products.
UPDATED (03/08/2022): The United States bans all imports of Russian oil, gas and energy, President Joe Biden said in a speech at the White House on March 8.
“This means that Russian oil will no longer be accepted in US ports and the American people will deal another blow to Putin’s fighting machine,” Biden said.
Biden explained that the decision was made in close consultation with the United States and its allies and partners around the world, especially in Europe.
“The United States produces many times more oil domestically than any other European country. In fact, we are a net exporter of energy. We can take this step when others cannot. But we work closely with Europe and our partners. A long-term strategy to reduce their dependence on Russian energy.” “Prepare,” Biden said.
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The original story remains as follows:
If you’ve seen you pay more at the pump in recent weeks, you’re not alone. Gas prices in the United States are constantly rising.
On February 15, Senator Bernie Sanders (D-Wt.) was claimed in a viral tweet Gas prices have reached a seven-year high. Carla Sands, a candidate for the US Senate and ambassador to Denmark during the Trump administration wrote in a tweet On February 23, “Joe Biden’s failed energy policy has already pushed gas prices to their highest level since 2014.”
Follower Kara also sent a VERIFY message asking what the current conflict in Ukraine and Russia means for US gas prices.
Has gas prices reached their highest level since 2014?
Yes, the average price of gas in the United States is the highest since 2014. Many factors contribute to the rise in prices, including the demand for oil products and the conflict between Russia and Ukraine.
WHAT WE FOUND
According to the US Energy Information Administration (EIA), the average price for gas in the country on February 21 was $ 3.53 per gallon, which is more than $ 3.49 on February 14.
The AAA also set the national average price for a gallon of gas at $ 3.53 on Feb. 22, and since then, as of Feb. 24, it has risen to $ 3.54. The nonprofit said on Feb. 22 that the average price of a gallon was 21 cents more. was a month ago and was 90 cents more than a year ago.
EIA spokesman Chris Higginbotham confirmed on February 21 that the average price of gas in the United States is the highest since the end of July 2014. EIA data show that the average price of gas in the United States was about $ 3.54 per gallon for the week ending in July. 28, 2014. The highest average weekly gas price recorded by the agency in 2014 was $ 3.71 per gallon for the week ending April 28.
AAA spokesman Andrew Gross also said that the current average gas price is the highest since July 25, 2014, reaching $ 3.54 per gallon. The highest price recorded by the AAA in 2014 on April 28 was about $ 3.70 per gallon.
But why is the price of gas so high now? The growth is due to many factors, including the conflict between Russia and Ukraine and the demand for oil products.
The AAA said on February 22 that Russia’s potential invasion of Ukraine is having a ripple effect on the oil market, which in turn is pushing up gas prices in the United States. time.
CONTACTS: Verification of facts from Russia’s attack on Ukraine viral images and videos
AAA said Russia is likely to respond to financial sanctions led by the United States and its allies by seizing oil from the world market, which is struggling to meet demand from COVID-19 during the global recovery.
“Russia is one of the world’s leading oil producers, behind only the United States and Saudi Arabia,” Gross said. “And if they choose to keep their oil out of the global market, such a move will ultimately be reflected in higher gas prices for American drivers.”
The EIA said in a February 8 Short-Term Energy Vision that tensions between Russia and Ukraine have raised concerns about the possibility of disrupting global oil supplies.
Speaking about Russia’s attack on Ukraine on February 24, President Joe Biden spoke about the impact of the Russia-Ukraine conflict on US gas prices.
“… My administration uses tools – it uses every means at its disposal to protect American families and businesses from rising gas prices,” Biden said. “You know, we’re taking active steps to reduce costs. And American oil and gas companies shouldn’t take advantage of this to raise prices to maximize profits.”
“You know, in our package of sanctions, we have specifically designed to allow energy payments to continue. We are closely monitoring the energy supply for any disruptions,” he said.
Higginbotham also told VERIFY that demand for gasoline and other petroleum products such as diesel and jet fuel has risen sharply from the 2020 minimum. Consumption of these products is constantly exceeding production, which increases the amount of oil that producers have to take from storage.
“So you have more demand for oil products and less oil production, which leads to a reduction in reserves. This dynamic puts pressure on prices to rise, “he wrote.
EIA Administrator Steve Nalley told reporters on February 8: “Market concerns about disruptions in oil production, weak supply chains and uncertainty about how central banks can respond to inflation have helped create a very unpredictable environment for oil and gas. is. product prices. ”
Although gas prices are at their highest level in about seven years, they have been higher in the past. Higginbotham said the highest weekly average gas price in the EIA was $ 4.11 per gallon for the weeks ending July 7 and July 14, 2008.
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Why are gas prices in the United States the highest since 2014?
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