U.S. gasoline prices have reached records above $4 a gallon, a climb that threatens to hamper economic growth, lift already high inflation and cut down on summer road trips.
The reopening economy already had lifted prices from pandemic lows but the rise turned into a surge after Russia’s invasion of Ukraine.
Here is how gas prices got so high.
How has the Russian invasion affected the price of gas?
It caused an almost instantaneous global supply shock. Russia is one of the biggest oil producers in the world. As the attacks in Ukraine intensified, traders, shippers and financiers shunned Russian oil, removing much of it from the daily global supply.
Western governments have said they are contemplating adding Russia’s oil-and-gas supplies to an ever-lengthening list of sanctions. Oil prices shot up again Tuesday after the U.S. unveiled a ban on Russian…
