LOUISVILLE, Ky. — President Biden announced an immediate ban on oil, natural gas and coal imports from Russia Tuesday to respond to the country's invasion of Ukraine.
Biden warned the ban could cause gas prices in the United States to spike, as prices are already breaking records.
Prices are up here locally, too, with the Kentucky and Louisville averages up 12 and 15 cents respectively since Monday.
On Tuesday, the average price for a gallon of gas nationwide was $4.17, an all-time high, according to AAA. The group's Lynda Lambert said in Kentucky, the average was $3.93 Tuesday, approaching an average of $4.08 from 2008.
She said in Louisville, the average Tuesday was $4.15, just a few cents away from the record of $4.26.
"We wouldn't have thought a month ago we'd see a 60 cent jump in gas prices one week to another," Lambert said.
Economics professor Dr. Michael Clark from the University of Kentucky called it a basic supply and demand issue. He said we should expect to see bumps in prices for other goods as transportation and production costs rise in response to oil hikes.
"Really what it's doing is adding to these inflation pressures, and households will end up having to bear some of that cost," Clark said.
Even with staggering day-to-day increases, Clark said we're still not quite at the price points seen during the 2008 recession because of inflation.
"If you adjust those for inflation the prices, this morning we're still lower than 2008," he said. Economics experts said prices will likely rise more, though they can't say by how much or for how long.
Lambert said AAA has already received reports of people filling containers with extra gas. She said that is both dangerous, because fuel is so flammable, and unnecessary.
"We strongly suggest you do not do that, panic buying doesn't help in any situation, we saw that during the pandemic," Lambert said.
Lambert also recommends doing what you can to save on fuel and reduce your costs.
AAA suggests these tips to preserve gas while driving:
- Don't speed: It wastes gas and reduces your fuel economy
- Consolidate your trips, try to carpool
- Remove heavy extra cargo from your car
- Use cruise control when safe
- Avoid "jackrabbit" starts and stops
- If you have multiple cars, choose the most fuel-efficient model
Tools like GasBuddy can also help you find gas stations charging less.
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