Gas prices were rising rapidly even before Russia's invasion of Ukraine, but with the current shock to the oil market, $4 a gallon gas is now likely to be widespread across the country in a matter of weeks -- if not sooner.
President Vladimir Putin has ordered Russian nuclear deterrent forces on alert amid tensions with the West over his invasion of Ukraine. Chantee Lans has the latest developments.
It's not that Russian oil or gasoline make up a major portion of US supplies, Kloza said."Brent is a world market price. It's going to be the most important number out there for a while," he said. The war in Ukraine is only one reason that US gas prices are headed to record levels. Strong demand for gas, which was rising along with the retreat of the Omicron surge in Covid cases, is outpacing supplies for a number of reasons.
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