CLEVELAND (WJW) – There are concerns that the Russia-Ukraine conflict will impact the already rising fuel costs, but what exactly does it mean for Ohioans at the pump?
According to a spokesperson from GasBuddy, while some parts of the country could see $5 per gallon by this summer, it’s not necessarily likely for Ohio.
As the demand for gas goes up in the spring and gas stations switch to the more expensive summer blend, most of the U.S. is already expected to see rising prices.
According to GasBuddy, the average gas price in Ohio was about $3.33 per gallon on Wednesday, which is lower than the national average of $3.52 per gallon.
They said the state’s average, along with the national average, could rise to around $4 per gallon by Memorial Day.
In a livestream, GasBuddy representatives said the price of oil took a big jump on Thursday. The wholesale price of gasoline started up about 16 cents a gallon in the morning and closed the day up about 8 to 10 cents a gallon.
They said the national average could raise 5 to 15 cents a gallon over the next one to two weeks.
GasBuddy initially forecasted a yearly national average of 3.41 a gallon, but leaders say they may need to reevaluate that forecast in light of recent events.
Before Russia invaded Ukraine, the spokesperson told us if it happened, prices could potentially spike much higher.
“Russia is the world’s second largest producer of oil, and the concern is that its exports would be disrupted due to sanctions imposed because of the conflict. The worst case scenario is for Russia to stop exporting oil, which would cause large increases at the pump,” the GasBuddy spokesperson said.