asked 96.8k views
23 votes
Why are us gas prices soaring when america barely uses russian oil?.

asked
User Exort
by
7.8k points

1 Answer

7 votes

Answer:

So in that sense it doesn't really matter who specifically is getting crunched by the loss of Russian oil, because lower supply affects those global prices no matter what. And as we know from Econ 101, when there's less supply of an item in demand, prices rise.

answered
User Thomas Parslow
by
8.5k points
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