US gas prices are poised to hit record levels within hours or days as the Russia-Ukraine conflict further upends the global energy market – leading to higher costs for American motorists.
within hours or days as Russia’s invasion of Ukraine further upends the global energy market – leading to higher costs for American motorists.
That would result in more financial pain for consumers during what is already “the worst energy crisis since the Arab oil embargo,” according to Tom Kloza, the global head of energy analysis for OPIS. The Russia-Ukraine conflict has caused further disruptions to an energy market that was already struggling to keep pace with rising demand as economies recover from the COVID-19 pandemic.after US officials acknowledged the possibility of a Russian oil import ban.
Gas prices are a major driver for inflation, which was already running red-hot at 7.5% in January – weeks before the invasion began.
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