{"id":1326657,"date":"2022-02-22T06:36:57","date_gmt":"2022-02-22T11:36:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1326657"},"modified":"2022-02-22T11:38:49","modified_gmt":"2022-02-22T16:38:49","slug":"ukraine-invasion-pushes-oil-prices-highest-since-2014-gas-prices-could-soar-even-higher","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ukraine-invasion-pushes-oil-prices-highest-since-2014-gas-prices-could-soar-even-higher\/","title":{"rendered":"Ukraine Invasion Pushes Oil Prices Highest Since 2014, Gas Prices Could Soar Even Higher"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fukraine-invasion-pushes-oil-prices-highest-since-2014-gas-prices-could-soar-even-higher%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1326657&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/02\/GettyImages-1238567766.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>On Tuesday, in the wake of Russia\u2019s invasion of Ukraine, oil prices surged to their highest level since 2014, which could trigger the high price of gasoline in the United States to soar even higher.<\/p>\n<p>\u201cThe international oil benchmark rose 2.6 per cent to $97.84, as traders calculated the possibility of disrupted supply from Russia after Putin directed his military to enter Ukraine\u2019s rebel-held Donetsk and Luhansk regions,\u201d <a href=\"https:\/\/www.ft.com\/content\/bcfd9705-8e45-4810-9d93-ecf3e2a7d3a0\">Financial Times<\/a> stated.<\/p>\n<p>\u201cThe price of Brent crude, the international benchmark, neared the $100-a-barrel mark on Tuesday before easing off to about $97 a barrel, a 2 percent increase. West Texas Intermediate was trading at nearly $94.00 a barrel, up about 3 percent,\u201d <a href=\"https:\/\/www.nytimes.com\/live\/2022\/02\/22\/business\/stock-market-economy-news#oil-prices-jump-nearing-100-a-barrel-as-ukraine-developments-roil-energy-markets\">The New York Times<\/a> reported.<\/p>\n<p>The last time crude oil prices reached such a higher level was in 2008, when the price of a barrel of oil reached $147 and gasoline soared to $4.09 a gallon.<\/p>\n<p>Tamas Varga of oil broker PVM surmised, \u201cThe potential for a rally over $100 a barrel has received an enormous boost. Those who have bet on such a move anticipated the escalation of the conflict,\u201d <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-10538345\/Oil-prices-surge-100-barrel-Putin-ordered-troops-Ukraine.html\">The Daily Mail<\/a> noted. Julius Baer analyst Norbert R\u00fccker echoed, \u201cGiven the prevailing mood, oil prices may very likely climb into the triple digits in the near term.\u201d<\/p>\n<p>After Ukrainian President Volodymyr Zelensky demanded an immediate halt to the Nord Stream 2 project from Russia, German Chancellor Olaf Scholz said Tuesday that his country would stop the certification of the pipeline, asserting, \u201cNow it\u2019s up to the international community to react to this one-sided, incomprehensible and unjustified action by the Russian president,\u201d adding that it necessary to \u201csend a clear signal to Moscow that such actions won\u2019t remain without consequences,\u201d the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-germany-europe-berlin-79e3dafb0d231f6a033613b7dab78cdf\">Associated Press<\/a> reported.<\/p>\n<p>\u201cCrude oil prices have determined at least half of the price of each gallon of gas over the last decade,\u201d <a href=\"https:\/\/www.thebalance.com\/how-crude-oil-prices-affect-gas-prices-3306230\">The Balance<\/a> explains. \u201cAs oil prices change daily, gas prices are constantly fluctuating, too. The rest of the price of gas is based on refinery and distribution costs, corporate profits, and state and federal taxes. In December 2021, around 53% of the total price of regular gasoline was the price of crude oil.\u00a0\u2026 West Texas Intermediate is crude oil used as a benchmark in U.S. oil pricing. Based on this benchmark, crude oil prices have risen and fallen dramatically multiple times since the 2008 financial crisis.\u201d<\/p>\n<p>Energy Word founder <a href=\"https:\/\/news.yahoo.com\/here-comes-7-gas-prices-warns-oil-strategist-in-dire-outlook-171816915.html\">Dan Dicker told Yahoo! Finance Live<\/a> last week, \u201cMy guess is that you are going to see $5 a gallon at any triple-digit [oil prices] \u2026 as soon as you get to $100. \u2026 And you might get to $6.50 or $7.\u201d<\/p>\n<p>Bastien Drut, chief thematic macro strategist at CPR Asset Management commented, \u201cOne of the very few definitive things we can see from this crisis is that energy prices are going higher. Even if there is no further escalation in Ukraine, the main consequence is still going to be higher inflation.\u201d<\/p>\n<p><em>The Daily Wire\u2019s first original film, Shut In, has made its cinematic debut, being met with rave reviews. The Daily Wire is building an alternative to the leftist entertainment industry, one gripping movie at a time. Join us in this mission and stream Shut In today by becoming a Daily Wire\u00a0<\/em><a href=\"https:\/\/www.dailywire.com\/subscribe\"><em>member<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Tuesday, in the wake of Russia\u2019s invasion of Ukraine, oil prices surged to their highest level since 2014, which could trigger the high price of gasoline in the United<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1326657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1326657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1326657"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1326657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1326657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1326657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1326657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}