Gas prices just topped $5 a gallon. Here's why it could be a long time before they come down
SAN MATEO, CALIFORNIA - JUNE 11: Gasoline prices are displayed at a gas station on June 11, 2022 in San Mateo County, California.on average for the first time in U.S. history this week, and there’s little sign that relief is coming soon.
But experts have warned there’s not much lawmakers can do to immediately curb inflation, warning that gas prices will likely continue to rise in the coming months.A number of factors have led to the current situation, including increased demand for gasoline, Russia’s invasion of Ukraine and supply chain disruptions induced by the pandemic.
Taken together, all of these factors have pushed Brent crude, the international oil benchmark, up from $95 a barrel in March to more than $120 this week.What are lawmakers proposing? Biden’s main strategy so far has been to convince U.S. oil producers to ramp up drilling. It’s been met with resistance, however, as oil companies face pressure from shareholders not to chase high oil prices. “Their hands are somewhat tied,” Fell says. Domestic oil producers, like ExxonMobil, are private companies that have a right—and in some cases a duty—to respond to market challenges with their shareholders in mind.
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