PENNSYLVANIA, USA — Thursday morning, the price of oil jumped about eight percent, meaning the price of a gallon of gas was up by 16 cents.
That's an even stronger pinch for prices that have already been trending upward in recent weeks because of inflation.
Right now, the national average of gas in the united states is $3.55 a gallon.
In Pennsylvania, the average is $3.74 per gallon.
And experts say the price is expected to go up even more quickly.
"The national avg could rise five to fifteen cents a gallon over the next one to two weeks, and of course, as the situation continues to escalate, the primary risk in this situation is Russia's oil flow," said Patrick De Haan, Head of Petroleum Analysis at Gas Buddy.
Russia is one of the world's largest oil producers.
It's the second-largest borderline third-largest oil producer globally, and what happens in Russia could have a profound impact in terms on energy availability and price. So the primary impact is on America's wallets.
The thought of paying $4 per gallon could soon be a reality.
"Four dollars a gallon? That is definitely a possibility for the national average by April or May. Keep in mind the Russia situation is not the only factor pushing oil and gas prices up. Motorists across the country are starting to see the switch to summer gasoline. Of course, summer gasoline is more costly mandated by the EPA under the Clean Air Act, so we continue to see that rollout," added De Hann.
And it's not just the cost of filling your car or truck that will strain your wallet.
Rideshare services, delivery services, airlines, goods that have to be transported.
Essentially anything that relies on fuel will all be affected.
You can find the lowest gas prices this holiday season using WNEP's gas tracker.
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