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. High oil and gasoline prices are back in America and they are not retreating anytime soon. This week in particular has been quite crazy for the oil markets due to a mixture of the Russian-Ukraine war, ongoing geopolitical issues, and economic headwinds. On March 8, President Joe Biden announced the United States will ban imports of Russian oil. The ban on Russian oil contracts “is immediate.” New oil contracts with Russia are not allowed and existing contracts must close out within 45 days. Soon after Biden’s announcement, Brent crude (Europe’s …