Why Are Gas Prices Going Up Because of Russia

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We all watched in horror last week as Russia invaded Ukraine, completely unprovoked. We have also watched oil and gas prices escalate in recent months as the likelihood of this conflict escalated. President Biden, in announcing the initial sanctions against Russia, also indicated “defending freedom will have costs for us as well and here at home.” And as many of you have likely already noticed, those costs here at home largely come in the form of rising energy prices, with food prices likely to follow. But not defending freedom can be even costlier. Late last week, I collected your questions around Russia-Ukraine, why are gas prices going up because of Russia, and the broader economic implications of this conflict both here in the US and around the world. Here are some facts to frame and address those questions.

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