Sanctions..

 

Crude prices will likely go even higher still after already surging following Russia's invasion of Ukraine.

Europe is hugely dependent on Russian oil imports. It gets about a quarter of its oil from Russia, by far the biggest single source of oil imports into the continent.

Ultimately, it's expected that an EU ban on Russian oil imports will result in a loss of 2 million barrels a day from Russia.

 Russia could make up the loss of revenue from sales to the EU through higher crude prices.

European citizens will be hit hard for sure, but even in the U.S., it's hard to see any relief in sight to gas prices.

The U.S. is also approaching the summer season, and the Hurricane season, so higher prices are coming. Just a thought.