SALISBURY, Md.- This week, US House Speaker Nancy Pelosi spoke in favor of banning the import of Russian crude oil to the US. And although Russia is only responsible for just under 8% of the US's import of crude oil, analysts believe a ban could still lead to even higher gas prices. Dr. Mohammad Ali is an economic professor at The University of Maryland Eastern Shore and he says
“We are thinking and some people are also expecting where it would be leading towards and world war or not. So if this can not be controlled, then we are in a bad situation in respect to the gasoline prices.”
Today gas prices are flirting with $4 a gallon and Dr. Ali says there are several reasons why prices are high right now.
“From the economic standpoint, we can say that the demand is increasing because the pandemic has been under control. People started moving. That is why the demand increased at the same time because of the supply chain backlog supply is going to strain.”
Dalton Griffiths is the owner of Tropical Breeze Carpet Cleaning. He says he travels on average 50 miles a day and says now that gas prices are high, he tries to plan his route.
“I know it’s high if you can drive less, driving,” Griffiths says. “With my customers, I try to make a route where I can serve more people in one area versus driving back and forward.”
According to AAA the average price for regular gas in Maryland is $3.75 which is 17 cents more than a week ago. And in Delaware, regular gas is averaged at $3.89 which is 30 cents more than a week ago.