The cost of oil has surpassed $106 in the United States, setting the price of gas at a seven-year high, all together constituting a more than 10 percent rise in the cost of fuel.
After Russia’s recent invasion of Ukraine, the economic sanctions imposed by the United States in cooperation with Europe have resulted in scarcity in the global supply of fossil fuels, with Europe cutting off its Russian suppliers and consequently having to rely on the same suppliers as the United States, causing domestic oil prices to surge.
