Excerpt from WDTN
As the conflict between Russia and Ukraine continues, the price of crude oil continues to soar, leading to higher pump prices in the U.S. And, experts say they predict the upward current trend will continue.
America is one of the three largest oil producers in the globe, the others being Saudi Arabia and Russia.
Professor Riad Ajami, director of the Center for Global Business at Wright State University, said on average Americans consume 20 million barrels of oil every day and rely on Russian oil. He advocates for short term solutions to ensure gas prices don’t continue to increase here in the United States and in Europe.
“In the long term, we have far more options but in the short term today our options are limited to people paying more for gas,” said Ajami.
Gas prices across the Miami Valley have topped $4 a gallon, a record high in the last several weeks. Ajami believes one of the worst things the Biden administration could do right now is to demand the world stop importing Russian oil without plans in place.