Why Russia’s War Drove Up U.S. Gas Prices

Описание: Gasoline prices rose to record highs in the United States after Russia invaded Ukraine. But the U.S. is the largest oil producer in the world and imports very little petroleum from Russia. So why did prices jump?

Because oil is a global commodity and supply or demand shocks can reverberate around the world. There are also other factors that have made it challenging for oil producers to respond - foreign and domestic U.S. producers have been pulling back production in recent years. A series of boom and bust cycles and the effects of the coronavirus pandemic have drained the industry of qualified personnel and made companies wary of big investments.

Chapters:
00:00 -- Intro
1:43 -- Can we just pump more oil? - 1:43
4:56 -- The importance of refineries
8:32 -- ‘Energy Independence’

» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision

About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.

Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook:
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

#CNBC

Why Russia’s War Drove Up U.S. Gas Prices