GRAND RAPIDS, Mich. — The price of oil in the U.S. took a big jump today in response to Russia's invasion in Ukraine.
For the first time in seven years, the price of oil surged past $105 a barrel. Eventually dropping back below $100 a barrel on Thursday.
In addition, people will be seeing a surge at the gas pump as well. The wholesale price of gasoline also went up about 16 cents a gallon.
GasBuddy experts believe the numbers are only going to increase. 13 ON YOUR SIDE spoke with Patrick De Hann with Gas Buddy about the rising costs.
"So in theory as early as well, now, gas stations are raising their prices to reflect the increase in cost and so Americans could be paying the higher price because of Russia's incursion," said De Hann.
De Haan also added the primary risk in this situation is Russia's oil flow. Russia is the second largest oil producer globally. So those impacts could be very far reaching as the situation in Ukraine continues.
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