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Amid Ukraine and Russia conflict Central Texas gas prices going up

Posted at 8:10 PM, Feb 25, 2022
and last updated 2022-02-25 21:10:53-05

WACO, TX — Tensions overseas with Russia and Ukraine continue to unfold and that conflict is having impacts in the U.S and Central Texas. We're talking about gas prices.

Those prices at the pump are already high and experts say are just going to get worse. Gas prices have Central Texans feeling a whole lot of ways.

Thousands of miles away, there is a feeling of the unknown as Russia invades Ukraine.

James West, a professor of economics at Baylor said, prices at the pump will continue to climb as events unfold in Eastern Europe.

"There's a restriction of supply coming out of Russia, that causes world prices to spike, and that affects Texas," West said.

Prior to this week, Russia, the third-biggest oil producer in the world exported 7.5 million barrels of oil per day.

Due to the conflict, that number is falling. Less oil production means less raw supply. The price of one barrel of oil is reaching 100 dollars. Predicting soon to jump to 150 dollars per barrel.

"Traders are very worrying with transporting Russian oil because they don't want sanctions imposed on them," West said.

President Biden vowed to the American people to make sure American oil and gas suppliers keep prices fair.