U.S. gas prices surged on March 4 and March 5, nearing record highs. The national average struck $3.92 on Saturday, according to the American Automobile Association (AAA), with some motorists paying as much as $5.18 a gallon. The price rise has been dramatic, increasing 33 cents per gallon over a week and 9 cents per gallon in just one day. “We are looking at pretty significant spikes,” Patrick De Haan, an analyst for Gas Buddy, said in a Facebook broadcast. Experts say the Russia–Ukraine war, which started on Feb. 24, is the primary factor behind the leap in prices. Russia is the world’s third-largest oil producer and the largest exporter; its exports of around 5 million barrels a day of crude oil, accounting for about 12 percent of global trade, according to the International Energy Agency. “Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation, …
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