Russia's invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. But it's not the only cause of the spike.
Numerous factors are pushing prices up, with regular gasoline hitting a record $4.40 a gallon Wednesday according to AAA's survey. Gas prices were already expected to breach the $4 a gallon mark for the first time since 2008, with or without shots fired in Eastern Europe or economic sanctions imposed on Russia.
This is what determines the price of gas 01:57Less oil and gas from other sourcesOil prices plunged when pandemic-related stay-at-home orders around the world crushed demand in the spring of 2020, and crude briefly traded at negative prices. In response, OPEC and its allies, including Russia, agreed to slash production as a way to support prices. And even when demand returned sooner than expected, they kept production targets low.
How to save money on gas by being more fuel efficient 01:40The US economy had record job growth in 2021, and while those gains have slowed, they remain historically strong. Demand is getting another boost as the many employees who have been working from home for much of the last two years return to the office.The start of the summer travel season on Memorial Day weekend is likely to spark the typical annual increases in demand for gas and jet fuel.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine war live updates: House approves $40 billion aid package for UkraineA package of nearly $40 billion in additional aid for Ukraine was overwhelmingly approved by the House on Tuesday, as a top U.S. intelligence official warned of a “prolonged” and “potentially escalatory” conflict. Follow our live coverage.
Read more »
US Defense Official: Russia not winning, Ukraine not winning, war is at a stalemateRussia is not winning, Ukraine is not winning and the war in Ukraine is at a stalemate, Defense Intelligence Agency Chief Scott Berrier said on Tuesda
Read more »
Ukraine finds bodies of 44 people in building destroyed by RussiaUkrainian, British and American officials warn Russia is rapidly expending its stock of precision weapons and may not be able to quickly build more, raising the risk of more imprecise rockets being used as the conflict grinds on. That could result in more civilian deaths and other collateral damage.
Read more »
Ukraine says 44 bodies pulled from rubble of building hit by RussiaA Ukrainian official said at least 44 bodies were found and pulled out from under the debris of a five-story building that was destroyed by Russian forces in March.
Read more »
How Much of Ukraine Does Russia Hold?Russia invaded Ukraine with the intention of toppling the government; seizing Kyiv, the capital; and bringing the nation firmly into the Kremlin’s sphere of influence. While Moscow failed in those sweeping objectives, Russian forces have seized a wide swath of southern Ukraine and redeployed soldiers, vehicles and heavy weapons with the aim of pushing deeper into eastern Ukraine, expanding the territory it has controlled through proxy forces since 2014. The Ukrainian and Russian armies are now i
Read more »