The energy crisis that’s here and about to worsen because of Russia’s invasion of Ukraine will affect the entire world. Already the average price of a gallon of gas in San Francisco is over $5.00, the first U.S. city to breach $5 bucks per gallon. Congratulations?
Not really, Most of California will join San Fran next week, as the Cali average has hit $4.94, and the national average is now $3.72 per gallon.
Here’s what Patrick Hand of GasBuddy told Fox Business.
“It’s been quite ugly as gas prices rise nationally, but nowhere has the pain been more significant than California, where prices have breached the $5 per gallon mark.”
Keep an eye on prices, which are now at $113 per barrel. The United States and other governments around the world agreed to release 60 million barrels of crude oil from stockpiles to help with the supply shortage.
In Russia, the second-biggest oil company there has turned on Vladimir Putin and is calling for an end of the war in Ukraine, an incredibly bold move.
Lukoil produces over 2% of the world’s crude oil and has more than 100,000 workers.
The board released a statement calling for the soonest possible end to the fighting and added, “We express our sincere empathy for all victims who are affected by this tragedy. We strongly support a lasting ceasefire and a settlement of problems through serious negotiations and diplomacy.”
Lukoil’s stock is getting pummeled in London, losing almost 99% of its value in the past week. The company faces calls for a boycott in the United States, where over 230 franchisee-owned gas stations on the East Coast.
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