The average cost of a gallon is now an eyewatering $4.49. Economists and other oil industry experts set out what needs to happen for prices to fall.
Geopolitical Shocks Such As the War in Ukraine
The American Fuel & Petrochemical Manufacturers association said Russian crude accounted for just 3 percent of total imports into the United States and 1 percent of what American facilities refine in a single day."We can find replacements for the crude oil we had been getting from Russia," said an AFPM spokesperson.
"When petroleum consumption outpaces production, it's necessary to draw oil out of global inventories. We currently estimate that OECD oil inventories remain at their lowest levels since mid-2014," the spokesperson said."Refinery disruptions caused by the Texas cold snap in February 2021 and Hurricane Ida in August 2021 led to significant draws from U.S. gasoline inventories," said the EIA spokesperson.
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