Record-high gas prices are the biggest cause of red-hot inflation heading into the high-demand summer months — and the factors behind the wallet-busting costs show no signs of easing up.
Crude oil prices, which have spiked beyond $100 a barrel, now account for 60% of the price of a gallon of regular unleaded gasoline, according to April data from the federal Energy Information Administration.
The cost of crude shot up amid both increasing demand as the COVID-19 pandemic wanes and the global supply chain disruption caused by the Russian invasion of Ukraine and subsequent Western-imposed sanctions.
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