Russia's invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. But it's not the only reason
Numerous factors are combining to push gas prices up to a record. Gas hit $4.25 for a gallon of regular gas, according to AAA's survey Wednesday. Gas prices were already expected to breach the $4 a gallon mark for the first time since 2008, with or without shots fired or economic sanctions imposed in Eastern Europe. Now, because so many factors are at play simultaneously, drivers should prepare to pay uncomfortably high gas prices through at least Labor Day. Prices could easily reach $4.
and its allies, including Russia, agreed to slash production as a way to support prices. Even when demand returned sooner than expected, they kept production targets low.US oil companies don't follow those types of nationally mandated production targets. But they have been reluctant or unable to resume producing oil at pre-pandemic levels amid concerns about the prospect of tougher environmental rules that could cut future demand.
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