Friday, March 04, 2022

Oil Crisis 2.0: US Gas Prices Jump Most Overnight Since Iraq War, Record Highs Imminent

 Gas prices at the pump were soaring long before Russia invaded Ukraine. The conflict has produced the prospect of a shortage of commodities, especially energy products, and sent Brent and WTI well over the $110 mark in recent days. Russia is one of the world’s largest crude oil suppliers. The spillover effects of the Biden administration sanctioning the country into oblivion have resulted in one of the most significant daily jumps of gasoline on record. 

According to new AAA fuel data, the current national average gas price is $3.837, up almost 11 cents overnight, the second biggest move on record since the early days of the Iraq war in 2005. At this rate, gas prices could exceed the record in days, which is only 27 cents away...MORE

Back when gas was thirty cents a gallon and love was only sixty cents away ~~ Tom T. Hall

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