COLUMBUS, Ohio — Tensions between the United States and Russia over Ukraine are having a big impact on something you might not expect: gas prices. The price of a gallon of gas has risen 16 cents over the past month in Columbus.
GasBuddy says the average cost of a gallon of gas in Columbus has risen up to $3.11 a gallon, which is about eight cents more than the week before.
“Ohio saw a bigger than average increase over the last week; prices tend to be a little more volatile across Ohio,” said Patrick De Haan, head of petroleum analysis, GasBuddy.
A lot of this has to do with the threat of war looming in Ukraine.
“[It] has a lot to do with geo-political tensions overseas, mainly markets being very worried that Russia could invade Ukraine. Russia being one of the largest oil producers in the world,” said De Haan.
All the while tensions rise between Russia and the US.
“Russia could potentially slow down oil exports to get back at the US, if the US retaliates if Russia goes into Ukraine, so there's a lot of possible scenarios,” De Haan said.
GasBuddy says between the usual springtime bump in cost and the uncertainty overseas, prices could rise above $4 a gallon by Memorial Day. The one and only time Ohio gas prices rose above $4 was back in 2011.
“We could be talking about gas price increases that could become more fast and furious as we head towards March lasting through April and May,” said De Haan.