The cost of oil has surpassed $106 in the United States, setting the price of gas at a 7-year high, altogether constituting an over 10 percent rise in the cost of fuel. After Russia’s recent invasion of Ukraine, the economic sanctions imposed by the United States with cooperation from 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. Even before the invasion and its ripple effects on the global energy supply, fuel price inflation was significantly outpacing general inflation, which recently reached its highest levels since the early 1980s. But while the most recent Consumer Price Index reports inflation at 7.5 percent in the past year, fuel prices had risen by 40 percent in the year from February 2021 to January …
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