Oil prices have hit an 11-year high due to mounting sanctions against Russia, and gas prices for everyday drives have increased across the U.S. According to NBC, oil reached $116 a barrel on March 3. It has not been that high since 2011.
According to experts like Patrick De Haan, a Petroleum Analyst at Gasbuddy.com, rising prices could get even worse.
“Over the course of the weekend, it would not be surprising that motorists could step outside see the gas station, and prices could go up 20, 30 even 40 cents a gallon in some of these areas,” De Haan told NBC.
AAA Texas reported the average across the Metroplex was $3.47 a gallon as of March 3. Other parts of North Texas have seen prices as high as $3.89 a gallon. The national average for gas was reported to be $3.73 a gallon.
Oil barrel prices first reached $100 on February 24, when Russia first invaded Ukraine, according to NBC. Russia is the second-largest oil producer in the world, causing sanctions to raise gas prices nearly everywhere.
The average price of gas has been predicted to reach $4 per gallon by Saint Patrick’s Day. Areas near the west coast could see prices hit $5 a gallon.
The International Energy Agency agreed earlier this week to release barrels from oil reserves to offset rising gas costs for drivers. According to the Agency, they will be releasing 60 million barrels. This will be the fourth time in history they have tapped into reserves.
“The situation in energy markets is very serious and demands our full attention,” executive director for the IEA, Fatih Birol, said in a statement. “Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.”
The 60 million barrels make up 4% of the total amount in oil reserves.
The director of the futures division at Mizuho Securities USA, Bob Yawger, stated in an interview with CNBC that the barrels released by the IEA wouldn’t be enough.
“60 million barrels isn’t that much,” Yawger said. “That’s the bottom line at the end of the day.”
According to NBC, the oil being released by the agency is the equivalent of approximately six days worth of oil production in Russia and about 12 days of exports.
The U.S. decided to release approximately 30 million of their own oil barrels to assist in the effort, according to a statement from the White House.
Businesses in North Texas, especially those that rely on transportation, have been negatively impacted by the recent rise in gas prices, NBC reported.
CEO of Cambridge Caregivers and Manchester Care Homes, Adam Lampert, told NBC he has been adding extra money to employee paychecks to help with the rising costs.
“I mean, these people are going to their jobs,” Lampert said. “They’re living their lives, and costs are higher for all of us.”
Around 200 caregivers work for the business, providing in-home visits to elderly patients across North Texas.