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Why the Factors Driving Today’s High Gas Prices Are Likely to Stick Around

·5 min read
Why the Factors Driving Today’s High Gas Prices Are Likely to Stick Around
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Gasoline and crude-oil prices have reached levels not seen since 2014 at a time when world oil demand is less than the pre-pandemic levels of 2019. Unlike previous oil booms and busts, the rise in gasoline prices is due to a confluence of factors, many of which may seem familiar, but have not occurred all at the same time. In the United States, gasoline demand had been rather flat since 2017, but that was of little consequence as the United States is connected to the world oil grid.