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Russia invasion of Ukraine will impact gas prices

Posted at 5:46 AM, Feb 25, 2022

COLORADO SPRINGS — Even though Ukraine is half a world away, we will all feel some of the impacts of the invasion. That includes filling up your car at the gas pump. Gas prices have already been rising, and unfortunately, we will continue to see that pattern.

The invasion doesn't mean consumers will immediately see a drastic increase in gas prices. However, according to Gas Buddy, a gallon of gas is likely to go up 5 to 15 cents per gallon over the next couple of weeks.

That price could go up even more if tensions between Russia and Ukraine continue to escalate. That could mean the national average of gas could go over $4 a gallon by Memorial Day.

Russia is one of the leading oil producers in the world only behind the United States and Saudi Arabia.

President Joe Biden made a pledge to Americans that his administration is doing everything they can to keep gas prices from skyrocketing. One of his big messages to gas companies yesterday was asking them not to raise prices.

"As we respond, my administration is using the tools, every tool at its disposal to protect American families and businesses from rising prices at the gas pump. Ya know, we're taking active steps to bring down the cost and American oil and gas companies should not exploit this moment to hike their prices to raise profits," said President Biden.

The national average for a gallon of gas is about $3.55 a gallon. In Colorado Springs, it's more than 20 cents lower at $3.33 a gallon, and in Pueblo, it's $3.48 per gallon.