Russia’s Invasion Of Ukraine Pushes Oil Prices Fuel Prices To Levels Not Seen Since 2008

Oil prices continue to march higher thanks to Russia’s invasion of Ukraine. Kelly Just with AAA-Washington said right now oil investors are jittery, but its not just the war that’s giving investors reason to pause.

“Worldwide there is also a smaller inventory of crude right now, and nationwide there is a decrease of gasoline stocks.  There’s been a decrease of overall refining, some North American refineries have actually closed.  Last week, President Biden announced he would releasing more fuel from the strategic petroleum reserve but, we don’t know when that will happen, or how much.”

Just added this all comes at the same time we see typical refinery maintenance shutdowns and increase fuel demand because of the summer driving season, which in a normal year, would push oil prices higher. And in case that wasn’t enough, the truck driver shortage is making it more difficult to transport fuels. Many consumers want to know how much higher prices will climb and when they may peak, thus providing relief at the local pump.

Just says that’s not something they can predict right now.

“This is something that’s really out of our control, and even through we’re at the pump and we’re in the fight, we’re on the sidelines just watching what happens around the world.  There are a bunch of factors that are contributing to this.”