Gas price in California, United States of America (USA), has hit a record high of at least $4.72 per gallon.
A price analysis by AAA.com, a public service of the U.S’s largest motoring and leisure travel membership organization revealed that the U.S. national average for regular-grade gasoline stood at $3.51.
Investors King gathered that California’s new record is the highest price ever for any state in the U.S. so far while Alaska retains the second-highest price of $4.70 per gallon. This was in July, 2008 when the national average price stood at $4.11 a gallon.
Experts have however warned that gas prices are projected to take a while before they go down.
According to a report by ABC Action news, the Ukraine crisis presents the U.S. with a foreign policy threat, and also pushes gasoline prices higher at home. The report added that this is a growing political problem for President Joe Biden and fellow Democrats.
“Biden wants to put the focus on how much the Russian threat on the Ukraine border is contributing to the gas price rise. That message may be lost on Americans who just see how much fuel is costing at the pump. Republicans are happy to put the blame on the Democrats”, the report noted.
Investors King had earlier reported that oil traders are concerned that a conflict between Russia and Ukraine could disrupt global oil supply amid growing demand for the commodity, even though Shell Plc, one of the world’s top liquefied natural gas (LNG) traders has expressed readiness to deliver more natural gas to Europe, should the Russia-Ukraine crisis escalate to a conflict that could interrupt Russian gas supply to Europe.
The Russo-Ukrainian War is an ongoing and protracted conflict that started in February 2014, primarily involving Russia and pro-Russian forces on one hand, and Ukraine on the other. The war has centered on the status of Crimea and parts of the Donbas, which are largely internationally recognized as part of Ukraine.
According to the European Council on Foreign Relations (ECFR), heightened conflict in Ukraine could have serious consequences for European interests in the Middle East and North Africa. It could further disrupt energy supplies, exacerbate food insecurity, and help states in the region gain leverage over the US and Europe.