Even before Russia’s invasion of Ukraine, U.S. gas prices were rising rapidly — and are now marching toward a national average of $4 per gallon or higher in the coming months with the crisis showing no signs of abating.
As sanctions isolate Moscow and crimp Russian energy supplies, skyrocketing crude oil and gas prices will impact consumers and businesses already facing the highest inflation levels since 1982. On Thursday, Brent (CL=F) briefly flirted with $120 per barrel, with U.S. oil (
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