Gas prices soar | Business Weekly
Gas prices have soared since Russia's attack on Ukraine.
Gas prices have skyrocketed following Russia’s attack on Ukraine. Worldwide energy prices were creeping upward before the Feb. 24 invasion. Inquirer reporter Andrew Maykuth tackles the big questions of why fuel prices are soaring and how high they can possibly go.
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— Ezequiel Minaya(@zekeminaya, business@inquirer.com)
Average gasoline prices in the Philadelphia area have soared 14% in just one week to an average of $4.30 a gallon on Monday, as Russia’s invasion of Ukraine has unsettled global energy markets.
The pump prices surpassed the previous high of $4.16 set in 2008, according to AAA and GasBuddy, though if you factor in inflation, the 2008 price would be the equivalent of $5.32 today.
Where they will stop, nobody knows. The price at the pump usually goes up more quickly than it comes down. Even if peace breaks and crude oil prices subside, the price of a gallon of gas might recede gradually.
Read more about rising gas prices and the factors shaping the increases.
What else you need to know ...
Divesting from Russia: Board members of the Pennsylvania state workers’ retirement plan grappled last week with pulling their money out of Russian investments. No one questioned whether the move was the moral action to take. But some wondered if the losses on the pulled investments would be punishing state workers along with Russia and whether it would be better to wait for a recovery. Eventually the vote was to divest as soon as possible.
Convention comeback: This year, the Philadelphia Convention and Visitors Bureau (PHLCVB) has 19 “citywide” events on the books — gatherings that generate 2,000 or more hotel room stays on its peak night — matching the number of citywides held in 2019 before the pandemic.
Standing with Ukraine: Newtown-based company EPAM, with some 14,000 employees in Ukraine, has said it will stop serving Russian clients. EPAM also said it will commit $100 million to helping its employees and their families in Ukraine.
The Philadelphia Convention and Visitors Bureau expects events this year to generate some $371 million in economic impact, compared with $600 million in 2019.