Russia-Ukraine crisis causes gas prices to rise, President Biden promises to soften the blow

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The Russia-Ukraine crisis has already helped lift oil and gasoline prices to levels unseen since 2014, with Chicago averaging nearly $4 a gallon.

In Chicago, a South Loop gas station charged $4.30 for a gallon of regular unleaded. In the city as a whole, the average is now $3.90 and rising, according to AAA.

Biden is bracing the public for just that, acknowledging on Tuesday that"defending freedom will have costs." "The problem is how Russia could react to some of the sanctions they are being hit with," said Patrick DeHaan of Gas Buddy."Russia could use oil as a weapon. They could threaten to cut off oil exports which could drive up the price dramatically."

Any disruption to Russia's oil flows would"easily" drive up crude prices to $120 a barrel, JPMorgan recently warned. Brent, the world benchmark, surged to $99.50 a barrel on Tuesday before backing off. "You don't necessarily think about, even your cell phone has probably materials that were sourced from potentially a mine in Russia," said Dr. Maciek Nowak, Dean Quinlan School of Business at Loyola University.

 

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I didn't know the Ukraine had such vast oil fields!!!

Price gouging. That’s all this is. Inflation? Please. All these companies are setting sales and profit records.

Every country have issues with gas ⛽️ because of bad governance

To bad we practically killed our public transportation.

New Zealand pays $11.40 per gallon...you guys have it good.

Way to to Biden worst president ever!!!!

We should have renewable energy. Fossil fuel is killing the planet

Uber and Lyft should raise their prices for their drivers since they are fighting higher gas prices! Everybody will eat the gas hikes , including the food chain .

People voted for this

It’s a great time for people to drive cars that aren’t so huge.

People living near the border of Indiana need to cross over to purchase gas. I filled up with premium gas this morning $3.75 per gallon in Gary, Indiana.

There was a time in the late 70’s that gas was high and rationed And you know this globally

They think we dumb smh

Gas prices were already rising and this just exacerbated the situation.

Corporate greed is what is lifting gas prices.

I must have missed the $1.80 increase over the weekend…

Man, I have absolutely grown to love American media. 🤡🤣

Bullcrap, the prices are going up from not having economy and printing money

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