NATOMAS (CBS13) – The invasion of Ukraine is de-stabilizing the global oil market while driving up gas prices.
The current average price for gas jumped about $0.50 from last week in California and warned higher prices are expected to linger during the war, according to AAA.READ MORE: Blood Moon Total Lunar Eclipse Just One Of Mother Nature's Wonders In The Sky Right Now
“This is just crazy,” said Linda Mince of Sacramento
Driver after driver couldn’t hide their disbelief at the Sacramento 49er Travel Plaza off Interstate 80.
However, gas prices have yet to reach new heights.
AAA reports Monday’s price for regular in the U.S. was almost $4.07. In California, it’s $5.34 with Sacramento right below at $5.28.
“Hopefully, we can get some of these reserves that we have, get it released up, which can help with the pricing for the everyday guy,” said Mike Hackett of Natomas.READ MORE: Fire Damages Mobile Home In South Sacramento
Opening up the emergency reserves has become a common talking point following Russia’s invasion.
On March 1, the International Energy Agency announced 31 member countries agreed to release 60 million barrels of oil from their emergency reserves. But it’s merely a drop in the bucket.
“The impact from that pricing is going to be very, very small given the fact that Russia produces about 5 million barrels per day and they make up about 12 percent of the global trade,” said Aldo Vazquez, a spokesperson for AAA Northern California.
Another reason why gas prices are going up is because of demand following the lift of COVID-19 restrictions, yet it’s outpacing supply.
Oil prices are not only affecting gas pumps for drivers, but also goods and services, according to consumer experts.MORE NEWS: Man Dies After Being Shot In Stockton; Homicide Detectives Investigating
“The war with Ukraine is truly showing us for the first time how vulnerable we are to oil shocks or shocks of higher gas prices at the pump,” said Sanjay Varshney, a finance professor at CSU Sacramento.