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What Putin's UkraineInvasion means for U.S. gas prices (hint: nothing good):
Russian President Vladimir Putin's invasion of Ukraine may seem like a remote conflict to Americans more concerned with troubles at home, and the stake we have in the conflict may be far smaller than that of Ukrainians who will suffer and die, but we're going to feel the effects of Putin's aggression nonetheless, most immediately in the form of high gasoline prices.
On Tuesday, the day before the invasion, AAA put the national average for a gallon of gas at $3.53, as shown on the chart below. As of Friday, the average price of gas had risen to $3.57. That's up eight cents in a week, 25 cents in a month, and it's almost $1 more than a year ago. Other energy costs Russia is also the world's top producer of natural gas, a lead that will only grow with control of Ukraine. Wars are often fought over natural resources, and that's a key motive in Putin's actions against resource-rich Ukraine. His control of its vast coal and gas reserves should have us concerned, both for immediate energy needs and in global efforts to mitigate climate change.
Supplies of liquefied natural gas brought by ship from the U.S. has helped relieve some of Europe's gas shortage this winter, but it's expensive, and export terminals are running at capacity.“The events of the last days show the imprudence of not having diversified our sources of energy and our providers in recent decades," said Italian Premier Mario Draghi in parliament on Friday. Italy imports around 45% of its gas from Russia, up from 27% a decade ago.
Here's a rundown of major Russian and Ukrainian exports — many of which could affect the global auto industry. Aluminum Most Russian metal producers have so far escaped sanctions imposed by the West since Moscow annexed Crimea in 2014. Nornickel is the largest producer in Russia, selling 5,000 tons in 2021. Nornickel sells most of its output to Europe.
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