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When I refilled the gas for my car yesterday at the gas station I repaired to, I was astonished to find the price per gallon roared up a dollar just overnight. Obviously, it was mainly because of the Russia-Ukraine war that Biden administration banned on the oil imported from Russia.
If the United States is self-sufficient in energy, who boasts of the largest production and reserve of the world, why should it import? Well, some experts introduce that because the United States is a country with a very developed trading system, it will make a choice to import or export according to the terms of trade, to find a more favorable way. In short, the US opts to protect the best interests from oil trade, which is controlled by the oligopoly of oil companies.
Nevertheless. the US is also one of the most "luxurious" countries in the world for energy consumption, and the rise in energy prices will bring a great impact on inflation for the country, as well as the daily lives of its residents.
Now the US is in a quandary---should it continue or lift the ban in Russia.
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