Crude Oil Hits Record Highs

Gas prices are displayed at a Mobil station across the street from the Beverly Center in Los Angeles, Calif., on March 7, 2022. Mario Tama/Getty Images

Commentary 

“Russia’s invasion of Ukraine—and the western response to it—will exuberant the supply-demand imbalance that lies at the heart of the global inflation surge. Reducing trade with a current account surplus country via sanctions and boycotts means that the rest of the world needs to produce a larger share of what it consumes,” said Jan Hatzius, chief economist at Goldman Sachs.