Gas prices continue to soar amid Russian-Ukrainian war

Published: Mar. 8, 2022 at 5:21 PM CST
Email This Link
Share on Pinterest
Share on LinkedIn

EAU CLAIRE, Wis. (WEAU) - The price of fuel continues to rise and there doesn’t seem to be any relief in sight.

Since the Russian invasion of Ukraine, some of our wallets have been hurting at the pump.

Patrick De Haan with GasBuddy says the rising fuels costs are a direct result of the war between Russia and Ukraine.

“Without a doubt, the bulk of what we’re experiencing right now is driven by what’s going on with Russia,” De Haan said. “U.S. sanctions have ratcheted up the pressure, but that’s also made it very difficult for Russia’s oil to make it to the global market, which is upsetting the balance of supply and demand.”

De Haan says the average cost for gas in the Badger State is just under four dollars but expects that to change.

“I think that prices will eventually go up another 15 to 25 cents over the next couple of weeks.,” De Hann said “And of course, this is an evolving situation, so it could get better. It could get worse.”

De Haan believes the skyrocketing fuel costs could make people think about alternative driving options.

“I do think with the high and the shocking price of gasoline that more people will probably start to think top of mind about electric vehicles,” De Haan said.

Greenfleet is an Eau Claire-based electric car service that specializes in long-distance traveling.

“When we charge these vehicles overnight it’s about two cents a mile to operate and I guess for comparison’s sake if you were looking at a car that gets 25 miles per gallon at $4 a gallon, that’s 16 cents a mile,” Greenfleet CEO and founder, Bill Lobner said.

“We could just do some easy math, a hundred miles if we’re at 2 cents a mile, it cost us 2 dollars,” Lobner said.

The supply chain could also see a disruption because De Haan says the price of diesel is also on an upward trend.

“The whole wholesale price of diesel today was up over 50 cents a gallon,” De Haan said. So anyone driving a big truck or semi, they’re about to see a huge jump in the price of diesel.”

De Haan says it doesn’t look like the Russian-Ukrainian war will be over soon and expects people will continue to pay more at the pump.

“And for now, that makes it unlikely that gas prices are going to go anywhere but up, and we could be stuck with these higher prices for probably weeks, if not months,” De Haan said.

According to GasBuddy, the Badger State is actually one of the cheapest states in the nation for gas with the national average more than 20 cents higher.

Copyright 2022 WEAU. All rights reserved.