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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhy are US gas prices soaring when America barely uses Russian oil?
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.
Confused? We'll walk you through it.
So why is Russian oil affecting the US?
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.
https://www.msn.com/en-us/money/markets/why-are-us-gas-prices-soaring-when-america-barely-uses-russian-oil/ar-AAUYVh6
msongs
(67,199 posts)Baked Potato
(7,733 posts)Hoyt
(54,770 posts)price of oil.
Plus, lots of gas guzzlers keep getting purchased.
paleotn
(17,781 posts)behind the US and Saudi. Regardless of what we think of oil companies, there's a significant reduction in supply. But in my mind, for the freedom of Ukraine, it's more than worth. A bit more for gas is the least we can do.
https://www.eia.gov/tools/faqs/faq.php?id=709&t=6
madville
(7,397 posts)Plastics, fertilizer, mining, logistics, etc. It will drive prices up on just about everything having to do with manufacturing and food production.
Blues Heron
(5,898 posts)You cant suck down oil like its going out of style and then turn around and complain about high prices.
BlueIdaho
(13,582 posts)Same shit - different excuse.
Diamond_Dog
(31,669 posts)magicarpet
(13,941 posts)... especially extraction petrol resources cause the entire market in petroleum to wobble and gyrate.
multigraincracker
(32,532 posts)NickB79
(19,114 posts)It's pumped by multinational corporations with no regard for anything but profit, who sell to the highest bidder.
Every time a rightwing coworker bitches about oil production in the US, I ask if they want us to nationalize the oil industry just like socialist Venezuela did. Because that's what it would btake to get their way
Ferrets are Cool
(21,063 posts)airplaneman
(1,237 posts)MichMan
(11,790 posts)superpatriotman
(6,232 posts)Plain and simple
OAITW r.2.0
(23,862 posts)Aluminum is increasing almost daily. Nickel went to $100,000/tonne! And Russia is the #3 source for the metal.