Here are three reasons why gas prices are spiking, and when experts think they might come down. <br />1. Post-pandemic demand for gas<br />When the pandemic first hit the U.S. in March 2020, gasoline demand dropped as Americans sheltered at home due to nationwide lockdowns. The typical driver cut their driving in half, according to AAA.<br />That sharp decline in demand caused gas prices to plunge to an average of $1.94 per gallon in April 2020. <br />But as the economy recovered, and vaccines rolled out, making Americans feel safer about traveling and shopping, people resumed driving. With demand rising, gas prices also started to creep upwards. By March 2021, the average per-gallon price for gas stood at $2.82, an increase of 45% from its pandemic low. <br />2. Cuts to oil production<br />When demand for gas and oil plunged during the pandemic, OPEC and oil-producing nations such as Russia cut production, slashing it by an unprecedented 10 million barrels. To put that in perspective, that represents 10% of the global supply. <br />But as the global economy recovered from the pandemic, OPEC was slow to ramp up production, De Haan said. "We're nearing pre-COVID levels for consumption, but production is still lagging. OPEC didn't start increasing production until July 2021. They were already too late. they were severely behind the curve."<br />Meanwhile, U.S. producers said they are boosting production, but warned that supplies could take a while to trickle through to the market and move prices at the pump, Politico reported.<br />3. U.S. sanctions on Russia impact the global market<br />Against that backdrop of steadily rising prices, Russia's war in Ukraine has caused a rapid 20%-plus spike in oil and gas prices in mere weeks. Benchmark U.S. crude oil rose $3.31 to $109.33 a barrel on March 11, while Brent crude rose $3.34 to $112.67 a barrel.<br />President Biden on March 8 announced a U.S. ban on Russian oil and gas imports, aiming at Russia's main revenue source amid the conflict. <br />The U.S. imports less than 10% of its oil and gas from Russia. So why are prices rising so much in the U.S. if the nation doesn't depend on Russia for fuel? De Haan said that the surge in gas prices is due to the larger global oil market. <br />"When the U.S. issues sanctions, that has wide ramifications on the ability of Russia to export oil," he said. "We don't import a lot, but somebody else does and we are making it difficult for Russian oil to flow to the global market, and prices are reacting to that."<br /><br />My Message To Everyone<br />Thank you so much for tuning in and visiting my channel. I'd appreciate it even more if you could help me do more because my channel is still growing. The goal is weighty, the target is expansive, and the message is insightful; it must reach the masses.<br /><br />Redbubble || Support me by Purc<br />...<br /><a href="https://www.youtube.com/watch?v=WWoXPYFPmcE" target="_blank" rel="nofollow">https://www.youtube.com/watch?v=WWoXPYFPmcE</a>