US Congress about to BAN RUSSIAN OIL. have fun at the gas station next week!

Just in the money desks…

US BAN ON RUSSIAN OIL

PAIN: Americans warned to budget for $5-A-GALLON gas this summer…

• Americans will see gas prices to rise to $5 in the coming weeks, as the cost of oil continues to rise in the days following Russia’s invasion of Ukraine, experts say 
• The US national average soared to $3.72 per gallon Thursday, with cities like San Francisco seeing an average of $5.05 a gallon and Los Angeles at $5.01
• In states with more costly fuel, such as California and Hawaii, motorists are already are paying nearly $4.50 a gallon, AAA data shows
• California currently sports the highest average gas prices of the 50 states, at $4.80 per gallon, followed by Hawaii at $4.52/gallon and Nevada, at $4.02 
• The spike is unlikely to ease soon, according to oil analysts, as the conflict between Russia – one of the world’s major oil producers – and Ukraine intensifies
• Oil prices have rallied amid shipping and supply concerns spurred by Russia’s invasion, with both U.S. crude and Brent at their highest points in over a decade 
• Russia is a major energy producer, hence the swings in volatile energy prices 

Wheat Mounts Historic Week as War Sparks Deepening Supply Fears…

‘Economic destruction’ may lie ahead as oil prices push higher

The world could be on the brink of an energy crisis rivaling the 1970s, says IHS Markit’s Yergin

Coal, normally ~$100 per tonne now $400

h/t SS