It could get even more expensive to drive to the grocery store for milk or keep your home warm this winter if Russia makes good on its saber-rattling along the Ukraine border, analysts say.
Should Russia invade and Western countries make good on their threats of strict sanctions, already rising oil prices, currently $95 a barrel, could hit $125, said Bob Yawger, executive director of Energy Futures for Mizuho Americas.
“The risk is that if Russia cuts exports of its oil in response to sanctions or other U.S. moves, it could cut the flow of oil to global markets, throwing supply and demand balance out the window, and could lead to a large jump in oil and thus gas prices. How far just depends on the specific response and magnitude.”
Oil and gas costs have been on the rise as shareholders have demanded “fiscal discipline” policies that keep oil producers' expansion and production low to reduce costs and increase margins. A sooner-than-expected return to increased driving and a cold winter have sent prices on lowered supply spiking.Much of the most recent run-up in prices comes from risks of a Russian invasion that the market has already factored in.
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