WASHINGTON — As tensions continue at the Russia-Ukraine border, one place Americans are seeing a direct impact is at the gas pump. 

What You Need To Know

  • Gas prices are on the rise and one of the main contributing factors is the crisis at the Ukraine-Russia border

  • The average gas price in Kentucky went up 25 cents in the last month

  • Experts say they don’t think there will be a relief in prices soon

 

President Joe Biden warned Americans that energy prices could surge if Russia invades Ukraine and the United States enforces sanctions on Russia. 

“I will not pretend this will be painless. There could be impact on our energy prices, so we are taking active steps to alleviate the pressure on our own energy markets and offset rising prices,” President Biden said when providing an update on the situation last week. 

Russia is the third largest oil producer in the world, behind the United States and Saudi Arabia. 

Lori Weaver Hawkins with AAA Bluegrass said that the fear of what could happen is affecting what people are paying at the gas pump in Kentucky. 

“There’s fear that if Russia continues to make those sorts of moves, there will be Russian sanctions against Russia which will cause them to pull back production from the world market,” Weaver Hawkins said. “Even though this hasn’t occurred at this point, that fear fuels the higher crude oil prices.” 

According to AAA data, the national average for gas was $3.53 on Monday compared to $3.33 last month. 

In Kentucky, the average is a little lower but still on the rise. The state’s current average is $3.23. Last month it was $2.98. Experts say they don’t think these prices will come down anytime soon. 

“With national gas prices setting at $3.53 it’s probably not out of the question that we could even see that edge up to the $4 mark,” Weaver Hawkins said. 

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