Energy

Why gas prices have soared in America

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For years politicians have said the booming American oil industry would make the country “energy independent.”

Indeed, the United States is the world’s largest producer of oil. That puts it two spots ahead of Russia, which shocked the world — and oil markets — by invading Ukraine. Saudi Arabia is the second-largest producer

The move sent gasoline prices skyrocketing to all-time highs.

But the United States does not import much petroleum from Russia.

Nevertheless, a shock to oil supply and demand anywhere in the world can cause a spike somewhere else. Energy independent just means the U.S. exports more than it imports — not that it is independent of the rest of the world.

“Oil is a…



Source cnbc.com

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