Why gas prices are so high and what Biden can do about it

Gas prices have reached a record high of $4.318 per gallon as of Thursday morning (not adjusted for inflation), with the prospect of going even higher.

The big picture: The U.S. is effectively energy independent, but bans on Russian oil exports from the U.S. and other countries will have a knock-on effect in world markets.

“Although the impact [of the ban] on U.S. supply may be limited, prices are soaring because the ban makes it more of a challenge to trade in Russian oil and more likely that other countries may follow suit,” wrote Rystad...