Gasoline Prices Up Due to Global Supply-Demand Issues, Russian Invasion of Ukraine

Posted on AllSides July 6th, 2022
From The Center
Saul Loeb/AFP via Getty Images
FACT CHECK

U.S. presidents have little control over the price that consumers pay for gasoline. As the Energy Information Administration explains, gasoline prices are mainly affected by the price of crude oil, a fossil fuel that is refined into gasoline. And the price of crude oil is set on the global market, based largely on worldwide supply and demand. 

When economic activity declined sharply in the U.S. and other countries early in the COVID-19 pandemic, global demand for crude oil declined along with it, leading to a dramatic drop in the price of crude oil and gasoline, and, consequently,...

Read full story

FactCheck.org

AllSides Media Bias Rating: Center
AllSides Media Bias Rating: Center
106714/84320
See full bias rating for FactCheck.org
Learn about media bias
https://www.factcheck.org/2022/07/gasoline-prices-up-due-to-global-supply-demand-issues-russian-invasion-of-ukraine/

More News about Economy and Jobs from the Left, Center and Right

From the Left

From the Center

From the Right