According to Experts, Gas Prices Will Almost Certainly Increase as a Result of Biden’s Embargo on Russian Oil Imports!

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CORPUS CHRISTI, Texas (KTRK) — Samantha Michaels was filling up her gas tank at the Exxon on Doddridge Street and Alameda Street in Corpus Christi on Tuesday. She stated that because she works from home, she only fills up about every three weeks.

“I notice it when I fill up,” she added of increased gas prices.

She doesn’t see the impact very often because she doesn’t need to fill up all the time, but she still uses a gas app to get the cheapest gas near her.

“With everything going on in Ukraine and Russia, I’m scared that gas won’t be cheap very soon,” Michaels remarked.

On Tuesday, the Biden Administration put an embargo on Russian oil imports into the United States.

According to Daniel Armbruster, a spokeswoman for AAA Texas, the United States’ ban on Russian oil imports will raise gas prices. He claimed on Tuesday that the average gas price in Corpus Christi was $3.79, which is close to the all-time high of $3.96 set in 2008.

Gas Tax

 

“It’s up 20 cents from yesterday.” It has increased by 57 cents since last week. “Those are significant gains, and we are very likely to break that record,” Armbruster said.

According to the Wall Street Journal, Russia accounted for approximately 8% of US imports of oil and processed products last year.

According to Jim Lee, an economics professor at TAMU-CC, the United States only imports around 3% of its oil from Russia. He claims that Texas can help the globe by expanding oil output to compensate for the 3% of oil that the United States is losing.

Will this, however, be enough to bring down gas costs in the Coastal Bend?

“Not much because it will take time to ramp up production,” Lee explained, “but you will notice an influence over time.”

President Biden, according to Lee, has a few choices for lowering gas costs. He stated that one possibility is to offer them a stimulus payment, while another is to eliminate federal gas taxes. He stated that Biden’s third alternative would be to unleash oil from the reserves.

 

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“If history repeats itself, we’ll see at least a 20-cent fall in fuel costs,” Lee said.

However, Lee believes that twenty cents will not be enough to compensate for the increase in gas prices.

Michaels remains optimistic that gas prices will fall soon!

“I’m delighted we live in South Texas, where gas prices are lower than the rest of the country,” she remarked.

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