According to AAA, the average price for a gallon of gas in the Fox Valley has now topped $4.
As of Wednesday, prices in Kane County averaged $4.081. In DuPage, the average was $4.116 and in Kendall $4.046.
In the last two weeks, the average price per gallon has jumped nearly $.20, and there is no end in sight.
Prices were already rising prior to the Russian invasion of Ukraine, having increased approximately $.40 per gallon, or 11%, over the last year. Since the invasion, prices have jumped another 5%.
As the war has intensified and almost universal condemnation of Russia has spread, Russia’s enormous oil and gas exports – especially to Germany and the rest of Europe – have become targets for retribution. While the latest round of sanctions specifically avoided the oil and gas sector, the sense is growing that at some point soon that primary source of Russian revenues will have to be targeted, thus sharply impacting global supply.
In his State of the Union address this past Tuesday, President Biden rebuffed hopes from Republicans that, in light of Europe’s dependence on Russian oil and gas, and given spiking fuel costs domestically, the administration would reverse its punitive restrictions on domestic oil and gas production to relieve supply shortages. The administration maintains that high prices will recede once alternative energy sources are expanded.
But given the relatively small portion of US and European energy consumption currently supplied from alternatives, the prospect of even a levelling-off of prices at the pump is unlikely.
