Gas prices are surging with rising costs of oil

Prices at the pump continue to spike and there are no signs of them dropping anytime soon.

FARGO-MOORHEAD (KVRR)- Prices at the pump continue to spike and there are no signs of them dropping anytime soon.

“We get very little of our fossil fuels from Russia so in terms of a national supply of fossil fuels this is going to have a minimal impact and so doing a minimal impact on Russia as well,” said Dr. David Flynn, Ph.D, Professor of Economics & Finance, UND.

“This price is being paid for the war is being paid at home, and we have to think of this as essentially America’s economic contribution to a war effort,” said Dr. Thomas Ambrosio, Political Science Professor, NDSU.

Gas prices are at almost four dollars per gallon in North Dakota and Minnesota,

“To the extent that gasoline prices are rising in large part in response to oil prices rising there’s not much sign of stability in the global oil markets The Ukraine crisis is obviously a if not the only factor there, ” said Dr. Flynn.

“If it’s not fully managed, prices are going to go up, we’re already having rapid inflation, the largest inflation we’ve seen in a generation if not two,” said Dr. Ambrosio.

Locally there are some alternatives for oil sources if the global conflict continues.

“We could benefit if we start pumping oil out of the western part of North Dakota, there has to be a certain price point that oil prices need to get to before it becomes profitable to do so. We’re way past that price point right now. So we might start to see oil taken out of the ground in North Dakota,” said Dr. Ambrosio.