There’s pain at the pump for American drivers as US gas prices soar to record highs.
Although the United States barely uses Russian oil, Russia’s invasion of Ukraine is still a big factor in the gas-price spike — among other reasons.
Most of Russia’s oil goes to Europe and Asia. But the key here is to think about the oil supply globally, rather than the US specifically. The commodities world is a heavily interconnected one, and oil is priced through a global market. So what happens in one area of the world can affect another.
The problem at hand is that Russia is one of the world’s biggest oil suppliers. In December, for example, Russia sent nearly 8 million barrels of oil and other petroleum products to global markets, including 5 million barrels of the crude oil that’s used to make gasoline among other items.
Read more at CNN.com
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