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Although Biden urged the energy sector to not move prices, experts say the US is already feeling the pinch since tensions began to escalate between the two nations.
“Any disruptions to oil flows from Russia in a context of low spare capacity in other regions could easily send oil prices to $120 (a barrel),” Natasha Kaneva, JPMorgan’s head of global commodities strategy, wrote in a report published earlier in February.
Gas prices had already taken a dip on Wednesday – before returning to where they started, reports CNN.
The national average today stands at $3.54 a gallon – 12 cents higher than before invasion rumors began in the fall, according to the outlet.
Oil prices have already increased 7.5 percent on Thursday, rising to more than $100 a barrel for the first time in eight years, as the Wall Street Journal reported Thursday morning.
The current average price in New Jersey is $3.62 – that is only one cent higher than yesterday but 24 cents higher than last month, according to AAA.
Only 11 states have a higher average: New York, California, Washington, Oregon, Illinois, Alaska, Hawaii, Nevada, Arizona, Connecticut, and Pennsylvania, AAA reports.
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