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U.S. sanctions all Russian oil products, Colorado Springs braces for rising costs at the pump

COLORADO SPRINGS, Colo. (KRDO) -- As President Joe Biden announces a U.S. ban on all imports of Russian oil and gas, the national gas price average continues to rise.

According to GasBuddy, the national average currently sits at $4.23 for a gallon of gas. In Colorado Springs, the average sits just under $3.86 a gallon.

Despite being lower than the national average, local gas stations employees tell 13 Investigates that customers are already making their displeasure with the rising prices known.

"In the past week gas prices have gone up over seventy cents," said Derrick Perea, an employee at Everyday, a family-owned Colorado Springs gas station off Tejon Street. "I think it's kind of ridiculous. It's going to be harder for the average person to do what they have to do."

Kelatter Singh is the manager of three different Everyday gas stations and convenience stores across the Colorado Springs area. Every night, Singh checks prices from their gas supplier, and every night they continue to rise, forcing local prices to rise as well.

"People are doing Door Dash, they are doing Uber, and there are other taxi companies. They need gas," Singh said. "If gas is expensive then they cannot make money. They cannot survive."

One economist tells 13 Investigates to expect our local gas prices to continue to rise.

"Russia imports very little gasoline oil to the United States and we are well supplied, but the prices are set in the global economy," said Mark Vitner, an economist with Wells Fargo Corporate Investment Bank. "Russia is a big supplier to the rest of the world, particularly Europe."

Vitner is especially worried about the timing of these high gas prices. The country still hasn't hit the summer travel season yet, and the national average is already more than $4.

"We're likely to see prices rise even higher before they come back down," Vitner said. "We probably won't see meaningful relief on prices until after the 4th of July."

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Dan Beedie

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