Oil futures reaches rate not seen since 2014, sending gas prices further up
Oil futures are now more than $100 per barrel, a price not seen since 2014.
COLUMBIA, SC (WOLO )– Prices at the pump in South Carolina and across the nation continue to rise. The spike at the pump, experts say, is mostly due to the Russian invasion of Ukraine. AAA says Russia trails only the U.S. and Saudi Arabia in oil production, so that move would cause gas prices to increase globally. The average price…
Oil futures are now more than $100 per barrel, a price not seen since 2014.
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Analysts say a Russian invasion of its neighboring country would be matched with severe financial sanctions. That would likely lead the Kremlin to withhold oil from the world market, which is already struggling to stay afloat with demand.
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The pain at the pump continues here in South Carolina.
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Just in the last week, gas prices in Columbia have risen more than 9 cents per gallon.
Prices at the pump are on the rise in the Midlands, with another jump today.
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