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Data: EIA and FactSet; Chart: Axios Visuals

Gas prices are hitting new post-pandemic highs across the country, but this isn't a story of America reopening. It's really just a function of the price of oil going up.

By the numbers: Gasoline cost $2.71 on average as of Monday, per the Energy Information Administration. The highest average price was $3.59 in Los Angeles, while the lowest was $2.33 in Houston.

  • All of these prices represent the highest level seen since 2019.

The big picture: The price of crude oil reflects more than half of the cost of a gallon of gasoline. (The rest is refinery costs, distribution costs, and taxes.)

  • Demand for oil has actually been declining, per the New York Fed, but supply has been falling even faster, with the result that prices have now topped $64 for a barrel of Brent crude.

Go deeper

Felix Salmon, author of Capital
Mar 3, 2021 - Economy & Business

Why gas prices are back up

Data: EIA and FactSet; Chart: Axios Visuals

Gas prices are hitting new post-pandemic highs across the country, but this isn't a story of America reopening. It's really just a function of the price of oil going up.

  • By the numbers: Gasoline cost $2.71 on average as of Monday, per the EIA. The highest average price was $3.59 in Los Angeles, while the lowest was $2.33 in Houston.
  • All of these prices represent the highest level seen since 2019.

The big picture: The price of crude oil reflects more than half of the cost of a gallon of gasoline. (The rest is refinery costs, distribution costs, and taxes.)

  • Demand for oil has actually been declining, per the New York Fed, but supply has been falling even faster, with the result that prices have now topped $64 for a barrel of Brent crude.

Army officer lawsuit shines light on police treatment of Afro-Latinos

A screenshot from bodycam footage showing U.S. Army Lt. Caron Nazario during the traffic stop in December, when he was pepper-sprayed.

Caron Nazario, a Black and Latino lieutenant in the U.S. Army, was threatened and pepper-sprayed during a traffic stop that is now under investigation by the Virginia attorney general's office for being “dangerous, unnecessary, unacceptable and avoidable.”

Why it matters: Nazario’s resulting lawsuit against the Windsor, Virginia, police department has brought attention to police treatment of Afro-Latinos, and the lack of data about it despite a growing reckoning over abuses from law enforcement.

2 hours ago - Health

Global COVID-19 death toll surpasses 3 million

Illustration: Sarah Grillo/Axios

The global toll of confirmed deaths from COVID-19 surpassed 3 million on Saturday, according to data from Johns Hopkins University.

By the numbers: The U.S. has seen more deaths (566,238) than any other country, followed by Brazil (368,749) and Mexico (211,693).