June 13, 2022

Source: Yahoo! Finance

Excerpt:

Everybody’s frustrated. If somebody could do something about it, it would be done. But oil and gasoline prices are on a tear that for the time being seems unstoppable.

U.S. gasoline prices have hit $5 per gallon for the first time ever, and Moody’s Analytics thinks they could hit $5.50 within a couple of weeks. There’s no mystery why. A confluence of forces, led by Russia’s invasion of Ukraine, has crimped oil supply and bumped up demand. There’s more that could go wrong, adding a “fear premium” to prices on top of the hike caused by market dynamics. It won’t last forever, but for now there’s no sign that new supply, reduced demand or an outbreak of stability will bring relief.

Read more: Why there’s no relief in sight for soaring oil and gas prices