Minnesota drivers wonder how high gas prices will go, how long they’ll last
Gas prices are expected to continue climbing as President Joe Biden announced a ban of all Russian oil imports.
Now, many people are wondering just how high the prices will go, and how long the high prices will last.
Gas prices are going up across the metro, and experts say the more the world squeezes Russia’s economy, the higher the prices will go.
“I think if we go up 20% – up to that $5, $5.50, approach $6, it’s definitely going to have a negative impact,” said Alfred Marcus, a professor at the University of Minnesota and an oil expert. “I think in the short run, they’re going to go higher.”
Marcus says the reason prices are going up so quickly is based off the global market.
The United States only uses a small amount of Russian oil, but Europe is dependent on it, so this is impacting the entire market because there’s less supply overall.
On average, prices are nearing $4 per gallon in the Twin Cities metro area, and they’re even higher in other parts of the country.
According to AAA, the national average is $4.25, which is the highest it has ever been.
“I guess I would expect in the next few weeks something of a spike, because a couple of things are kind of a perfect storm so to speak, a couple things happening at the same time,” said David Vang a professor of finance at the University of St. Thomas. “One is I’m sure the Ukrainian war is going to get worse before it gets better. And then of course, when weather gets nice, people are going to start traveling more.”
Drivers say they’re shocked to see prices jump so quickly, and it makes a difference for them.
Some people 5 EYEWITNESS NEWS has spoken with say they’re going to be driving less and depending more on public transportation.