Is $5 Gas Inevitable?

As Russian troops were massing on Ukraine’s border back in February, I wrote Russia Is A Major Supplier Of Oil To The U.S. I warned: “Russia supplied 7% of U.S. oil imports in late 2021 – a significant number. Replacing that oil will put additional upward pressure on global oil prices, virtually assuring that oil will exceed $100/bbl if the situation further escalates.” What I didn’t explain in detail in that article is that most of the imports coming from Russia were finished products. The U.S. imported some gasoline,…