With the horrific war in Ukraine and tough sanctions on Russia, there is a lot of talk of increasing the oil supply. The only trouble is, oil companies don’t particularly want to ramp up that supply. After taking a huge hit during the depths of the pandemic, the oil industry is reveling in this war-fueled spike in profits.
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Russia’s invasion of Ukraine has sent oil prices through the roof and volatile markets are desperately trying to determine what comes next in this awful war. Now that Joe Biden has announced a ban on all Russian oil imports to the United States, the cost of gasoline is definitely heading up. The U.S. doesn’t even import much oil from Russia to begin with, but the ripple effects of an embargo impacts the global market for oil.
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