CHILLICOTHE, Ohio — As prices continue to rise at the gas pump, more and more motorists are beginning to feel the strain.
Gas prices across the Scioto Valley this week broke the $4 mark.
According to officials with AAA, the average price per gallon of gas in America is $4.17, and economists say prices will continue to rise.
So why are there record-high fuel prices? Economists say Russia is the primary contributing factor.
The global economy, experts say, is feeling the effects of the Russian invasion of Ukraine. On February 24, the United States imposed unprecedented sanctions on the Russian government targeting the nation’s banking infrastructure.
On Tuesday afternoon, President Joe Biden announced a ban on all Russian oil products. Officials say that Russia makes up 8% of the United States’ oil imports.
The President said, “The decision today is not without cost at home.” Biden went on to say that the United States and its allies would release 60 million barrels of oil into the market. According to President Biden, the U.S. will release thirty million barrels from its strategic reserve to help offset costs at the pump.
This afternoon Senator Rob Portman on the Senate floor said, “Why would we be importing Russian oil? Sending Russia $40, $50 million a day, that makes no sense. Let’s use our natural resources here in North America. We have the resources here. We should not be dependent on the Russian oil. We should not be sending them this blood money.”
Businesses across the globe have also joined in suspending operations with Russia. Netflix, Disney, Airbnb, Visa, and MasterCard have all taken steps to put more strain on the Russian government in the hopes that the conflict in Ukraine will cease.
Vladimir Putin has told the world that his intentions remain the same and that the invasion will go forward.