A gas price per gallon of regular gas hit $ 4. There is no doubt, it is the highest level since the year 2008. The reason behind this price hike of gas in the market is the Russian attack on Ukraine.
The AAA national average stands for $ 4.01, up 9 cents a gallon since Saturday, and up 47 cents, or 13%, since before the Russian invasion 12 days ago.
A daily increase is quite higher than the expected one. Even, the present per day hike of gas prices is higher than Hurricane Katrina slammed the US Gulf Coast and damaged much of the nation’s oil and gas producing regions in 2005.
There is no doubt that Russian attack on Ukraine and then tough sanctions over Russia is creating a serious disturbance in energy markets. The sanctions over Russia decreases the energy supplies in the market and become the cause of hike in gas prices.
A Russian attack not only damaging life in Ukraine, but also destroying the situation in the markets.