Rising prices at the pump are a key driver in the highest inflation that Americans have seen in 40 years.
Tighter oil and gasoline supplies are hitting as energy consumption rises because of the economic recovery.
If anything, the global oil supply will grow tighter as sanctions against Russia take hold. European Union leaders haveeven as Biden acknowledged it would affect American consumers. He said the ban was necessary so that the U.S. does not subsidize Russia’s war in Ukraine. “Defending freedom is going to cost,” he declared.The U.S.
“There has got to be some point where people start cutting back, I just don't know what the magic point is,” said Patrick De Haan, an analyst for the gas-shopping app GasBuddy. “Is it going to be $5? Is it going to be $6, or $7? That's the million-dollar question that nobody knows.”On Saturday morning at a BP station in Brooklyn, New York, computer worker Nick Schaffzin blamed Putin for the $5.45 per gallon he was shelling out and said he will make sacrifices to pay the price.
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