Russia Attacks On Ukraine Could Impact The Price At The Pump

Gas prices were already on the rise before the Russia attacks on Ukraine started this week, but with things heating up overseas, it’s not clear how this will impact the price at the pump.

Jerry Bohnen, the managing editor for the daily newsletter OKEnergy says, that prices at the pump have been up for almost two years.

Right now, the average price for gas in Oklahoma is $3.23, which is a few cents more since the start of the invasion.

“Investors and traders aren't sure what to expect next. We don't know what's going to happen to the oil supply and gas supply that is coming out of Russia, in fact the United

States is still importing crude oil from Russia as of today, so Putin has not turned that spigot off to the United States,” Bohnen said.

He said everything is up in the air. It all depends on how the Biden Administration responds to Russia's invasion.

“I will do everything in my power to limit the pain the American people are feeling at the gas pump. This is critical to me, but this aggression cannot go unanswered,” President Joe Biden said. 

One way Bohnen said prices could decrease is if oil companies start drilling, but they're being more cautious with their next steps.

“They're paying more attention to what their shareholders want, so they're trying to return dividends to their shareholders instead of going hog wire on drilling operations trying to obtain huge revenues."

He said right now a barrel costs is actually down. It's around $91, but this could easily change depending on the invasion in the Ukraine.