MILLBRAE (KRON) – Russia’s attack on Ukraine has already sent oil prices to levels we haven’t seen since 2014.
That will have ripple effects across the globe .
Oil supply was already tight, and even though we are only hours into the invasion, we have seen the price of crude oil jump to around $104 a barrel.
We were already paying roughly a dollar more per gallon than we did at this same time last year.
Russia’s attack could interrupt pipelines to Europe, causing ripple effects across the globe as the world looks for oil.
In California, we were already paying the highest gas prices in the country, and experts predict prices will go up even more.
In San Francisco, the average this morning is $4.93. It’s $4.84 in San Jose, $4.91 in San Rafael, and $4.83 in Oakland.
Russia provides the United States about three percent of its oil supply.
U.S. President Joe Biden has already remarked that the attack will impact our economy, but he hopes sanctions against Russia will hurt their economy more, in hopes of getting the Russian government to stop.