Gas prices expected to rise due to Ukraine invasion

Posted at 8:47 PM, Feb 24, 2022
and last updated 2022-02-24 20:47:59-05

LEXINGTON, Ky. (LEX 18) — The price of gas is expected to rise as Russia’s invasion of Ukraine continues.

Experts say it comes down to increased instability, which is unsettling the markets, and the possibility of increased sanctions against Russia.

“We expect that Russia would then react by decreasing production so we will see even tighter supply,” said Lori Weaver Hawkins, a spokesperson for AAA in the Bluegrass.

Russia is one of the world’s largest exporters. Less oil from them contributes to a supply and demand imbalance which could increase prices for consumers.

“The threat of this occurring has already impacted our prices at the pump,” Hawkins said.

She doesn’t expect the price of a gallon of gas to pass the 4 dollar mark in Kentucky, as it is expected to do in other parts of the country, but says it is possible.

There will likely be a ripple effect, increasing the prices of other goods which are transported by truck or car, Hawkins said.