The value of gasoline might fluctuate relying on what occurs between Russia and Ukraine
JACKSONVILLE, Fla. — It is no secret that gasoline costs within the First Coast are going up.
On Monday, round 2 p.m., a gallon of normal gasoline on the Shell gasoline station in San Marco was $3.99.
Simply hours later, the speed elevated to $4.19.
Professor Abdel Missa, a useful resource professor of finance at Jacksonville College, mentioned the value of gasoline might fluctuate and solely time will inform how excessive or low the numbers will go. When he’s not educating courses, he is watching the finance market in actual time. That features the value of gasoline.
“It is a easy drawback of provide and demand,” Missa mentioned.
It is an issue that folks have not needed to expertise since 2008.
Missa believes the price of gasoline might go greater. From his perspective, the value might transfer as much as $5 per gallon “earlier than issues get higher”.
In response to the US Power Data Administration, the value of gasoline in Florida is all the time rising and falling. This previous February, gasoline was $3.43.
The JU professor mentioned the animosity between Russia and Ukraine might decide how quickly individuals within the US can see a value drop.
“Proper now we [The US] import about 700,000 barrels a day from Russia,” Missa defined.
Reviews present Biden Administration officers are touring to a number of nations together with: Saudi Arabia, Japan, Spain, Venezuela and perhaps Israel.
They’re seeking to depend on different nations to exchange Russia’s oil.
First Coast Information caught up with Marty Stier whereas he was filling up his tank. He shared how the costs will not be bothering him as a lot in comparison with different drivers.
“Sure the costs are going up however for those who think about what’s occurring in Ukraine proper now can we hand over a couple of months of excessive costs ‘until we get that scenario settled?” Stier requested.
For now, Missa advised being affected person.
“Keep calm and observe what is going on on,” Missa mentioned. “Hopefully, we are able to give you an answer.”