Gas prices have surged in the U.S., increasing by almost a dollar per gallon>When will gas prices go down?
Prices for gasoline — which is derived from crude oil — were already elevated this year due to a lack of oil supply, but the latest surge reflects sanctions or bans on Russian oil exports by Western countries over Russia's invasion of Ukraine.
On March 8, President Joe Biden announced a ban on Russian oil imports, and has encouraged U.S. oil companies to step up production, but it's unclear how much time it will take for U.S. oil output to rise.
Based on that news, the Energy Information Administration now projects a crude oil benchmark price of $105 per barrel this year, a $22 difference compared to its February forecast. The last time oil was $100 per barrel was 2015.
Since gas is derived from oil, expect prices at the pump to stay elevated near or above $4 for the rest of the year.
