Oil prices continue to rise

March 7, 2022
Oil prices rise due to Russian war on Ukraine.

Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.

Oil analyst John Kilduff of Again Capital on rising oil prices.
  • Oil prices have been on the rise – and the Russian war on Ukraine has exacerbated these increases.
  • Sec. of State Blinken said the U.S. and others are open to an embargo on oil and gas from Russia; this move puts further pressure on the oil markets.
  • Gas prices have risen to to near-record levels in the United States. The average price per gallon of gas was just over $4.00 on March 6th – the record high in 2008 was $4.11.
  • Why It Matters: Russia is one of the world's major oil producers; limiting supply would impact global energy resources.

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by Jenna Lee,