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Gas price forecast 2022: How high could prices go if Russia invades Ukraine?


Gas price predictions for 2022 don’t look good if you believe one expert’s opinion on what will happen if Russia invades Ukraine.

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Dan Dicker, energy analyst and founder of Energy Word, estimates gas prices could soar to $7 a gallon if Russia goes ahead with its plan to invade Ukraine. This would be the result of oil prices reaching $150, which would be a new all-time high.

It’s not just the potential war in Ukraine that’s driving up the price of oil. Another factor to note is that the United States is soon entering the summer months. This means more travel and a growing demand for gasoline which will drive up prices.

Even if we don’t see $7 per gall for gasoline in 2022, the price predictions are still not good. Dicker thinks we could hit $5 a gallon if oil hits $100 a barrel. To put that into perspective, oil prices were sitting at $92 a barrel on Thursday, reports the New York Post.

So how are gas prices doing now? The current average gas price in the United States is $3,528 for regular fuel. To put that into perspective, that’s a 37% price increase over the same time last year. However, it is still far from the highest average gasoline price of $4.114 per gallon reached in 2008.

With overseas tensions continuing to rise, it may be some time before we see gasoline prices come down. And if all this really hits the fan in Ukraine, expect to pay a lot more for fuel than you are today.

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As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

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