Crude Prices Drop As Ukraine Tensions Dissolve - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Crude Prices Drop As Ukraine Tensions Dissolve

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Tensions are easing in Ukraine, but the conflict with Russia is far from being resolved.

The United States announced limited sanctions on Russia, after the country's military excursion into Ukraine. The sanctions include ending transactions from the U.S., and restricting and canceling visas to the United States.

Russian lawmakers held a special meeting today to discuss the possible secession of Crimea from Ukraine.

The European Union has not announced any sanctions or endorsed the American actions against Russia. The union relies on Russia for almost a third of its supply of crude, natural gas and refined oil products. So any economic sanctions against Russia could limit world supply and push up prices. On Monday crude oil prices jumped up globally, but today the prices dropped as tensions in the region calmed down.  

"As the world has realized that sanctioning Russian oil imports is not the best interest of everybody because of the economic chaos it can cause with sharply high oil prices that has gone away. It's allowed oil to plummet back to the 100 dollar evaluation," says the president of Heartland Investor Eugene Graner.

Grainer says that crude typically fluctuates $2 up or down, and consumers shouldn't expect to pay more at the pump because of the situation Ukraine, but rather the switch from winter to summer blend gasoline. Summer blends require more refining which makes the gas more expensive.

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