HELENA — The invasion of Ukraine by Russia may very well impact the cost of gasoline and natural gas.
With sanctions put on Russia by the US and varying countries, Russia may retaliate by mitigating its fuel sales.
As Russia invades Ukraine, the US and other countries have vowed to impose sanctions on Russia. These sanctions may cause Russia to in turn stop selling fuel to other countries. As the world’s third-leading exporter of oil and number two exporter of natural gas, the lack of fuel could cause prices to rise.
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The current national average for gas prices stands at $3.54 per gallon, while only a year ago the average was $2.66. While the uncertainty around what was happening in Ukraine caused oil prices to rise, the invasion will likely cause prices to continue to rise.
American Gas Association President and CEO Karen Harbert said that natural gas prices for Americans should remain stable because of the vast natural gas infrastructure. But she did mention that certain parts of the country that have forgone that infrastructure may still deal with some higher prices.
Meanwhile, AAA Montana spokesperson Aldo Vazquez says that current gasoline prices will likely continue to rise as the situation in Ukraine develops.
“It's likely that with the continued advance of Russia into Ukraine, gas prices will continue to go up, especially if the United States and its allies continue to impose more sanctions on Russia. Russia could retaliate by holding its oil supply from the global oil market,” says Vazquez.