By Chris Isidore, CNN Business
Updated 10:15 AM ET, Wed June 1, 2022
New York (CNN Business)Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. But it’s not the only cause of the spike.
Numerous factors are pushing prices up, with regular gasoline hitting a record $4.67 a gallon Wednesday according to AAA’s survey.
Gas prices were already expected to breach the $4 a gallon mark for the first time since 2008, with or without shots fired in Eastern Europe or economic sanctions imposed on Russia.
That’s because there’s a number of reasons beside the disruption of Russian oil exports driving prices higher according to Tom Kloza, global head of energy analysis for the OPIS, which tracks gas prices for AAA. And making predictions about where prices will go has proved difficult. Wednesday’s record is already higher than Kloza a few weeks ago expected prices would reach. As school let out and summer travel picks up, so will gasoline demand and price, he said.
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Article URL : https://www.cnn.com/2022/06/01/energy/record-gas-price-causes/index.html