Thursday, August 18, 2022

Bahamas Gas Prices to Skyrocket as Russia-Ukraine War Intensifies

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The Russian-Ukrainian conflict can cause gas prices to skyrocket, according to Paul Hepburn, a proprietor of three Esso Gas Stations, who warned consumers to expect gas prices to hit $6 per gallon.

“With this war starting, it’s only going up and up…there are talks about six dollars a gallon. That is real people.”

Hepburn suggests consumers keep their gas tanks full as they could feel the increase in fuel prices within the next month.

“It may not last long but we don’t know.  But it’s coming. Six dollars a gallon is coming.

“Ten percent of the fuel that the world uses come from Russia so you’ll have a reduction. And now we have to deal with the fuel, the rest from around the world, so it increases the demand,” Hepburn said.

The big story

Russia is recognized as the world’s second-largest oil producer and its attack on Ukraine caused turbulence in the financial markets.

Crude increased to $105 a barrel, the first since August 2014. This is after experts say there was a rise in more than 8% on the international markets.

Why it matters

The Bahamas is already dealing with rising inflation on grocery items. Bahamians must now cope with high fuel prices.

Photo credit: Indianexpress

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