SAN ANTONIO — The Russian invasion into Ukraine is devastating in many ways, but, it could also have an effect on the economy worldwide, including the energy market.
Russia produces the third most oil and second most natural gas in the world. So far, energy prices have soared with oil costing $100 a barrel for the first time since 2014
Gas Buddy shows prices are up for the eighth straight week. The national average for a price of gas is $3.57 per gallon.
President Joe Biden is trying to ease fears about rising gas prices. On Twitter, he said his administration is taking the steps to bring down costs and is warning against American oil and gas companies against raising prices for profit.
Still, energy experts expect prices will continue to rise, possibly up by ten cents over the next week. But higher oil and gas prices could mean more money for Texas producers due to increased demand.
Texas may be able to fill in the gaps if Russia stops exporting natural gas to Europe. Still, it could cost consumers here in Texas, and worldwide.
Governor Greg Abbott took to Twitter overnight, saying the president has prevented the ability to drill oil and natural gas. "Texas can drill enough oil & natural gas to keep prices low here in America & in Europe if Biden would get out of the way.”
Here in San Antonio, the average price for a gallon of gas is $3.18.
Related links: