Oil prices Today, Eonomy

         Gas prices surge to above $4 a gallon, near a national record

In Los Angeles, gas cost more than $5 a gallon last week. In the rest of the country, gas is a relative bargain at just over $4 a gallon.

Oil prices surged to a 14-year high, while gasoline prices jumped past $4 a gallon to near a national record, as the U.S. and its allies discuss potential restrictions on the purchase of oil from Russia after the country invaded Ukraine.

Russian oil has so far been spared Western sanctions, at least directly, in an effort to minimize economic fallout in the U.S. and Europe.

But the prospect of that changing briefly sent the price of Brent crude oil, the global benchmark, above $130 per barrel, its highest since 2008. Brent was trading at around $124 a barrel in late morning trade.

But price increases have accelerated since Russia invaded Ukraine late last month.

Gasoline prices have jumped by 45 cents a gallon in the last week, to a national average of $4.06, according to AAA. That's within a nickel of the all-time high of in 2008. (Adjusted for inflation, the 2008 record would be the equivalent of $5.37 today.)

Finding other sources of oil

The Biden administration is eager to find substitutes for Russian oil. The administration has been urging Saudi Arabia and other members of OPEC to boost production.

U.S. officials have also reportedly opened talks with Venezuela about relaxing limits on that country's oil exports. If ongoing talks aimed at reviving the Iran nuclear deal are successful, that could also give a lift to global oil supplies.

By: Yutubersgamers-trendnow-Gold