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Gas prices are marching forward with the arrival of spring – climbing nearly $0.25 per gallon over the last month as more Americans take to the highways. This year, though, something is happening on the other side of the globe that could push these seasonally elevated prices even higher – and paint U.S. president Joe Biden into an uncomfortable corner.
Or into a more uncomfortable corner …
Gas prices are $0.10 higher than they were a year ago – settling at an average of $3.538 per gallon of regular unleaded this week, according to the latest numbers from AAA. For those of you who are visually inclined, check out this chart from our researcher Jenn Wood which shows the historic trends …
Exacerbating the latest seasonal spike? Events unfolding in eastern Europe – notably new developments in the ongoing war between Russia and Ukraine. Over the last few weeks, American-backed Ukrainian forces have launched a coordinated assault on Russian energy infrastructure – targeting oil refineries that form the basis of Moscow’s export economy.
“Recent strikes against refineries have likely disrupted at least 10 percent of Russia’s refinery capacity,” an assessment from the United Kingdom’s Ministry of Defence noted.
Ukrainian leaders haven’t been shy about claiming responsibility for these attacks, either.
“We have been systematically implementing a detailed strategy to diminish the economic potential of the Russian Federation,” one Ukrainian security source told Radio Free Europe. “Our task is to deprive the enemy of resources and reduce the flow of oil money and fuel, which the Russia directs toward the war and the murdering of our citizens.”
Is this “reduced flow” responsible for the recent pain at the pump Americans are experiencing?
Yes …
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“Uncertainty of the impact of Ukraine’s targeting of Russia’s oil infrastructure likely spiked oil prices recently,” AAA’s Andrew Gross noted in a statement.
Here’s where it gets tricky for Biden: As one of the most aggressive (aggressively self-serving?) advocates for ongoing American intervention in Ukraine, the incumbent president is pushing for tens of billions in additional funding for this proxy war.
If approved, this funding would no doubt lead to additional Ukrainian assaults on Russian energy infrastructure … which, in turn, would exert additional upward pressure on gas prices around the globe. Actually, even if Biden fails in securing additional American funding for the Ukrainian war effort, a new French-led coalition is mobilizing for war against Russia – meaning attacks on refineries aren’t likely to let up anytime soon.
Thankfully, South Carolina gas prices remain well below the national average – $3.214 per gallon of regular unleaded, at last count – although as I have repeatedly pointed out, low income levels mean Palmetto State residents typically wind up paying a much higher percentage of their earnings on fuel than residents of other states.
Also, Palmetto State motorists received absolutely no help from their “Republican” politicians during the 2022 gas price spike. In fact, GOP leaders in the Palmetto State actually hiked taxes during the unprecedented pump pain two years ago.
Gotta love those “conservative” leaders, right? Right …
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ABOUT THE AUTHOR …
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina and before that he was a bass guitarist and dive bar bouncer. He lives in the Midlands region of the state with his wife and seven (soon to be eight) children.
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