By Jeff L. Tucker, The Chicago Times
March 5, 2022
CHICAGO – American motorists experience sticker shock as gas prices rocket to the top of the market.
According to government economists, prices at the pump have exploded nearly 25 cents over the past week as the price of oil rises due to Russia’s invasion of Ukraine and the possibility that Western Allies may decide to ban Russian oil imports.
Many motorists have seen an average price of $3.90 with some in the nation paying prices beyond the $4 range.
The Biden administration will release 60 million barrels of oil from the strategic reserve, however, that amount will only supply the nation for about three days since it is estimated that the economy consumes about 19 million barrels per day. Oil is currently trading at $113 dollars a barrel.