On February 24th, 2022, Russia invaded Ukraine as part of the Russo-Ukrainian War which began in 2014. Since the day of the invasion, fuel costs around the world have increased to record-breaking amounts, affecting all walks of life.
But just how much of an impact has the price of gas had on people? According to a table created by the Energy Information Administration (EIA), the average price of unleaded regular gasoline in 2022 was $4.09 per gallon. As of September 2023, the American Automobile Association says it is roughly $3.88 per gallon.
“Shell Gas Station” by JeepersMedia is licensed under CC BY 2.0.
“I had to increase my budget to purchase gas,” said student counselor Jacqueline Williams. “I think gas prices will continue to go up as well.”
According to Forbes, gasoline is a commodity that 91.7% of households in the U.S. rely on. Though the price of gasoline seems to be decreasing for the time being, people have mixed feelings regarding the future.
“I believe [the price of gas] will continue to increase due to the U.S. strategic oil reserves being depleted as well as the war in Ukraine,” said VA & U.S. history teacher Paul Xenakis.
Despite how grim the situation may seem, there are reasons to not fear rising oil prices. Though the world’s oil reserves have been wrung almost dry, it is important to note that production has been slowly rebuilding since the pandemic. According to the U.S. Energy Information Administration, today, the U.S. produces more than 12,800 barrels of oil per day, making it the world’s leading producer of crude oil.
Also, it is important to note that the concerns surrounding the price of gas have been slightly overblown; though the price of gas has gone up, the cost of most things has been increasing for some years now. Inflation has impacted every sector of the economy, so naturally the cost of all commodities, including oil, has risen. Gasoline is only one component of a potential recession.
