Mar 1, 2022 - Energy & Climate
No relief in sight at the pump as gas prices surge
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Global energy costs were already surging before Russia invaded Ukraine, and Americans aren't going to get relief at the pump any time soon.
Driving the news: U.S. gasoline futures climbed to the highest level in nearly eight years Monday.
- That means there's little sign of relief in sight, as national retail gas prices average $3.60 a gallon, according to AAA.
- Consumer gasoline prices were up 40% in January from the prior year.
Why it matters: The West has been remarkably unified in response to Russia's attack.
- But it's only been a few days, and politicians could come under pressure to break ranks as consumers face sanctions-related inflation.
Yes, but: The gasoline surge isn't all bad news, it also reflects the fact American gasoline demand is back to its pre-COVID levels, as the pandemic finally recedes and people get back on the road.
Go deeper: The U.S. is now energy independent
