High gas prices peak, but could rise again in Ukraine War continues
Posted April 18, 2022
By Noah Bulahao and Collin Caldito
Cub Investigative Reporters
Gas prices have peaked at near record high prices due to the Russian and Ukraine war, causing an upset and search for other methods of energy, but until then, and the war ends, prices will most likely rise again.
COVID-19, a virus that was released in late 2019, resulted in gas prices being cut in half, stated the American Automobile Association. The gas price decrease in April, 2020 was $1.94 million on average per gallon. Russia’s war against Ukraine had made the gas prices go up by at least 20%, which led Benchmark U.S oil starting from $3.31 and now $109.33 a barrel on March 11.
“President Biden on March 8 announced a U.S. ban on Russian oil and gas imports, taking aim at Russia's main revenue source amid the conflict.” CBS news stated.
Republican lawmakers, who were not too happy, then blamed President Joe Biden's gas price increase policy. Which pointed toward the administration's decision last year, which canceled the Keystone XL pipeline. Experts say that elevated gas prices could last months and likely keep getting worse in March and April.
Europe had a mutually beneficial relationship with Russia, but as the war keeps getting worse, that has changed.
“In recent months, though, Russia has appeared to exacerbate an already tight natural gas market by declining to provide Europe with any gas above contracted amount,” the The New York Times stated.
After the war began, gas prices have spiked across the charts resulting a cost increase, $500 per barrel, even though Russia was Europe’s #1 supplier.
“We must become independent from Russian oil, coal and gas,” commission president Ursula von der Leyen stated to the Times. “We simply cannot rely on a supplier who explicitly threatens us.”
The Russian invasion on Ukraine is turning into a watershed moment on European energy matters. Europe has relied on Russia for quite some time and has consumed a large portion of its oil and gas, trusting in what many European leaders thought was a mutually beneficial business relationship. This event has led The European Union to save energy and diversify supplies.
“Today, the President is announcing that the Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply,” the White House announced on Nov. 23, 2021.
The Department of Energy will have made 50 million barrels of oil available in two ways. They would use 32 million barrels during the next several months expecting its return in the next few years. Lastly, they would use the remaining 18 million barrels to make sales on oil.
Former President Donald Trump exaggerated the gas price spike while attacking President Joe Biden.
“Look, when I left, gasoline was $1.87. That was a year ago," Trymp stated to Fox News. "And now, it’s I guess just hit $7.50 in California, the rest to follow. We're paying them for all of this oil. It’s crazy.”
What Putin's “end game" is Trump couldn't say.
“We’ll have to see,” he said.
Trump then praised Ukraine for “putting up a great fight.”
High school teachers also have their own opinions, especially on “fluctuate with demand.”
“Gas prices are high, but it’s a cost we pay for relying on it,” said DDHS science teacher Carol Acree said. “Gas prices will always fluctuate with demand.”
With the gas prices being so high, other alternatives are to come. Biodiesel, hydrogen fuel cells, and ethanol are all renewable sources that can conceivably replace gasoline. Biodiesel, which can be made, is also a biodegradable fuel. Hydrogen fuel cells can be used to produce electricity. Ethanol can act as an alternative for alcohol. The main component for gas and oil is a mineral called petroleum and it can be found in many vast areas of the world. Texas produces the most crude oil in the country, accounting 22% of the U.S. total. The biggest oil plant in Texas is the Motiva Port Arthur Manufacturing Complex located in Port Arthur. Oil reserve in Catatumbo, Colombia contains 6.8 billion barrels of oil and has the most amount of oil in the country. Their biggest oil plant is the Rubiales heavy oil field. Saudi Arabia has produced more than 260 million barrels of oil and holds a large portion of oil at the oil plant Ghawar.
If a viable substitute for gasoline cannot be found, the U.S. can assume gas prices will keep rising, and if the war in Ukraine continues, that will continue to cause issues.