Dropping gas prices could rise again by end of year with potential sanctions on Russian oil

Published: Jul. 20, 2022 at 8:51 AM CDT
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BIRMINGHAM, Ala. (WBRC) - Experts said the U.S. is expected to place higher sanctions on Russia that could cause dropping gas prices to rise again. They said it could be a 50% increase between early October and December.

That’s because the U.S. and other countries are expected to increase sanctions against Russia, which could prevent Russian oil from accessing international waterways.

Alabama’s state average has dropped 52 cents in this last month and Clay Ingram with Alabama AAA said he thinks that will continue. He said there are already many sanctions placed on Russian oil by America and other countries. If potential sanctions cause crude oil to increase, Ingram said it likely wont be that much of a difference for you.

“I’m not sure this will have much of an impact as they are predicting,” Ingram said. “It’s certainly possible, but right now, I think its just too early to tell.”

Ingram said there are no supply issues with oil right now, so he believes Alabama gas prices will continue dropping for the next few months.

The state’s average is $4.07 per gallon as of July 19.


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