With inflation in the United States up significantly and a potential war between Russia and Ukraine, fear is bubbling up that energy prices may increase further after a steady march upward over the past year.
“It can’t be good for prices,” R Street Institute resident senior fellow for energy Philip Rossetti told FOX Business of a potential war in Ukraine. “We don’t know how bad it would be for prices. But it can’t be good for prices.”
Gasoline prices are up 39% since this time last year according to AAA, and natural gas prices increased nearly 60% between the beginning and end of 2021, according to the Energy Information Administration.
Meanwhile, a lack of energy independence for Europe is giving Russia significant leverage as it takes increasingly belligerent actions threatening invasion of Ukraine, Rossetti says.
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