SACRAMENTO, Calif. — The Russia and Ukraine conflict could cause a rise in consumer prices, including our gas prices.
According to the experts at Gasbuddy, gas prices are inching towards an average of $5 a gallon in several cities in California for the first time in history. Prices were initially projected to peak in the Sacramento region somewhere between $4.95 to $5.25 due to inflation and supply chain issues, but now we could see an even bigger jump at the pump.
"The prices are expected to continue to climb as the Russia situation further enhances, likely driving prices at the pump even higher," according to Patrick De Haan with GasBuddy.
Right now, the average for a gallon of gas is:
$4.92 San Francisco
$4.88 Los Angeles
$4.86 Oakland
$4.73 Sacramento
$4.67 Stockton
$4.58 Modesto
"We can probably expect to see a jump anywhere from 10 to 20 cents a gallon," Patrick De Haan, head of petroleum analysis at GasBuddy, said. "The Russian invasion of Ukraine has sparked high-level concern that oil production could eventually be stifled, or even sanctioned, from the world's second-largest oil producer leading to less supply as demand grows. That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future."
If you're looking for the best deal at the pump, click here for the best gas prices near you.
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