NORFOLK, Va. — Gas prices are going up fast as Russia threatens to invade Ukraine on a large scale.
AAA said gas prices in Hampton Roads jumped 28 cents just within the past month, and about 84 cents from this time in 2021. While those numbers are already stark, an economics expert from ODU told 13News Now that gas prices could stretch even higher soon.
"If things continue to escalate, we can expect oil prices to move well past 100 dollars a barrel, which means gasoline at the pump in Virginia may approach four dollars or exceed four dollars a gallon in the coming month," said ODU economics professor Bob McNab.
McNab said in addition to the increased demand for gas in other countries, Russia's tensions with Ukraine has a ripple effect on the overall oil market.
"We're part of this global economy, and Vladimir Putin is essentially putting his hand on it and rocking it really hard," said McNab. "It's going to disrupt oil markets, natural gas markets, commodities markets... everything."
McNab said the spike in gas prices then starts another ripple effect into our everyday lives, which could show up in grocery stores and on our utility bills.
"If you're a consumer in Hampton Roads, you're facing the prospect of high gasoline prices, higher grocery bills, higher electricity prices, and rising interest rates on your credit cards and mortgages," McNab explained. "It's not a prescription for confidence in the economy."
These high gas prices are slowing down service driver Curt Owens from Portsmouth, and other people who work in his field. Owens says he drives for Uber, DoorDash, and Instacart across Hampton Roads, but filling up the gas tank recently has been starting to almost outweigh his income.
"The gas prices have been a little bit overwhelming," Owens explained. "The rates that we're offering have not gone up for the service that we're offering with Instacart. It's really tough to make ends meet, so you're just kind of juggling."
McNab said because the outcome between Russia and Ukraine is uncertain, it's hard to predict when these prices will go back down. He said we could easily see gas prices spike over the next month.
"Russia's invasion of Ukraine is injecting uncertainty," said McNab. "We just don't know where this will end."
If you need help finding all the price tags at a nearby gas pump, you can download apps like GasBuddy to find the best prices in your area.