The war in Ukraine is hurting your pockets at the gas pump

The ongoing conflict in Ukraine is starting to take its toll on people’s wallets. According to reports, the price of gasoline has increased significantly in recent weeks due to the instability in the region. This is just another example of how wars can have a negative impact on everyday citizens. If you are finding it harder and harder to afford gas, you are not alone. Unfortunately, things may only get worse as the situation in Ukraine continues to deteriorate.

Not only has the war in Ukraine displaced and killed thousands in the region, it has also resulted in a significant increase in the price of gasoline on our shores. This is just one more way that the conflict is negatively affecting innocent civilians. If you are struggling to pay for gas, you are not alone. The situation is only likely to get worse as the war continues.

We can only hope that a resolution can be reached soon so that people can start to rebuild their lives. In the meantime, we must do what we can to help those who are most affected by this crisis.

There are several factors at play that are responsible for the ongoing price hikes across the markets that have you counting more dollars at the gas pump.

One of the main reasons for surging gas prices is the slow development of new oil resources and exploration. Oil companies have been losing money for the past decade and this has caused companies to pull back on the spending/investing, limiting their resources to explore new sources of the black gold.

Another major reason that we are all paying more at the pump is that during the COVID-19 pandemic the demand was floored as everyone was home trying to stay safe and this is no longer the case, The world is now open again and everyone is back to work and demand is again at what it used to be during pre-pandemic levels.

Probably the biggest reason for all of us spending more money at the pump is the ongoing war and humanitarian crisis in Ukraine, the Russian invasion of their neighbor and former partner of the Soviet Union that was dissolved on 12/26/1991.

The price of a barrel of crude oil has increased by almost 50% since the start of Russia’s aggression against Ukraine in late February.

This is one event, albeit a major one, that has caused such an increase and it doesn’t look like the situation will be resolved anytime soon.

We all know too well what happens when there is instability in the Middle East, as this is where most of the world’s oil comes from. The last thing we need right now is another conflict in that region. But unfortunately, that’s exactly what we are getting.

The bottom line is that if you are finding it difficult to pay for gas, you are not alone. The war in Ukraine is having a direct impact on the price of gasoline here in the United States. We can only hope that a resolution can be reached soon so that people can start to rebuild their lives. In the meantime, we must do what we can to help those who are most affected by this crisis.

Steps you can take to minimize the impact at the pump:

-Shop around for the best gas prices in your area, check online or find the best app for your area that can provide you with current pricing at the gas pumps in your area.

-Buy fuel-efficient cars, if you are considering purchasing a new vehicle, start to move towards electric or hybrid models. The legislation will be chancing in the coming years that will outright ban cars if they are not electric or are environmentally friendly.

-Carpool or take public transportation when possible, plan out your weekly trips and map out the best routes.

-Conserve energy by driving less overall. Walk, bike, or telecommute whenever possible.

In conclusion, the entire world is, directly and indirectly, feeling it at the pump, as the conflict in Ukraine continues.

We must do our best to help those who are struggling and hope for a resolution soon. In the meantime, try to take steps to minimize the impact on your wallet. Thank you for reading. Until next time.

• Source: https://www.curadebt.com/debt-consolidation-options/
• Source: https://www.weforum.org/agenda/2022/03/how-does-the-war-in-ukraine-affect-oil-prices/
• Source: https://www.edf.org/article/war-ukraine-driving-gas-prices