autoevolution
 

Gas Prices Shoot to $4 in the U.S and $8 per Gallon in Europe

As the Russian attack against Ukraine ensues, global oil prices are rising. Last week, the cost of crude oil rose above $100, spelling doom for the auto industry. According to CNN, the average cost of a gallon of regular gas in the U.S. hit $4 on Sunday.
Gas Station 6 photos
Photo: YouTube Screenshot/ UpFlip
Energy CrisisEnergy CrisisEnergy CrisisEnergy CrisisEnergy Crisis
The automotive industry continues to bear the brunt of the effects of the war in Ukraine after barely making it through a global health crisis and an industry-wide chip shortage.

At the beginning of the year, the international quotations for a barrel of oil were at an all-time low. A barrel of oil was going for as little as $27.86 - the lowest in a decade.

With the ensuing conflict between Russia and Ukraine, the surging prices rose to the highest level since June 2014 at $106.78 per barrel in the U.S. and $107.57 internationally.

The prices first shot over the $100 mark after the invasion prompting fears of supply disruptions from Russia, a key exporter of crude oil.

With the ongoing attack by Russia on Ukraine, the record high $4.11  per gallon last set in 2008 might fall any day this week. The lowest statewide average in the U.S. is at $3.60 a gallon in Missouri. In Europe, it's worse. Car owners are paying up to $8.7 per gallon of gas.

While the U.S. and the rest of the world are struggling to stomach the new gas prices, things are pretty different in Russia. Dan Sheekoz, a family vlogger in Russia, went on a scavenger hunt to gas stations around his hometown. Unlike anywhere else in the world, gas prices were surprisingly lower, with 92-octane gas going for as little as $1.8, 95 type at $2, and diesel at $1.9.

It's not shocking that gas prices are lower in Russia. After all, they are the leading global exporter with a 12% stake in the entire industry. However, prices might soon rise due to international sanctions currently pilling at the Eastern country. Most of Russia's oil goes to Europe and Asia, with only 2% getting its way to the American market.
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)

Editor's note: Prices were accurate at time of writing

About the author: Humphrey Bwayo
Humphrey Bwayo profile photo

Humphrey is a car enthusiast whose love and passion for automobiles extended into collecting, writing, driving, and working on cars. He got his passion for cars from his Dad, who spent thousands of hours working on his old junky 1970 E20 Toyota Corolla. Years later, he would end up doing the same with a series of lemons he’s owned throughout his adult life.
Full profile

 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories