Oil prices are perched at 14-year highs, which has also driven a gallon of regular gas above $4, stoking new inflationary fears and pressuring already sticker-shocked consumers.
And with the U.S. now moving to curtail Russian oil imports — and leaning on allies to do the same — as punishment for invading Ukraine, it’s not just the absolute price level that has market watchers concerned.
“It’s just the speed of this move [that’s] concerning because it wipes out people in certain areas,” Bob Iaccino, Path Trading Partners Co-Founder, told Yahoo Finance on Monday.
The cost of gasoline has soared in recent weeks as Russia’s invasion of Ukraine applies pressure on global oil markets. At the same time, the U.S. has begun lifting mask mandates, a move that could spur up consumer spending and travel.
The national average for a gallon of regular gasoline is now well above $4, according…
