Crude oil, gasoline, and natural-gas prices soared after Russia’s invasion of Ukraine. Gasoline prices in particular reached their highest nominal level since the summer of 2008.
That invasion, and the subsequent U.S. ban on oil imports from Russia, are partly responsible, but they aren’t the only reason. According to the U.S. Energy Information Administration, the impact of the war in Ukraine occurred “against a backdrop of low oil inventory and persistent upward oil price pressures.”
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