‘There is a real risk the price could reach $6+ a gallon by August,’ Natasha Kaneva, head of global oil and commodities research at the prominent investment bank, told CNN Tuesday…
The nation’s current average gasoline price, $4.58-a-gallon, stands as nearly double the $2.41 average seen during former president Donald Trump’s last month in office.
The number topped Wednesday’s previous record of $4.567, which eclipsed Tuesday’s record of $4.523, which beat out Monday’s record of $4.470.
The uptick has seen the price of gas since top $4-a-gallon in each of the 50 states – a dubious achievement never before reached.
The rise in gas is being attributed to Russia’s invasion of Ukraine, which led to Russian sanctions. Those sanctions removed may refined Russian petroleum products from the market, tightening supplies in the face of limited refining capacity in the West.
One of the factors which resulted in the formation of this site was a rash of refinery fires, explosions, and decommissionings which occurred in the summer of 2020, and created chokepoints powerful market manipulators could have exploited to manipulate fuel prices.
