Gas prices reached a record high during the Russian invasion of Ukraine.
, but bans on Russian oil exports from the U.S. and other countries will have a knock-on effect in world markets.
“Although the impact [of the ban] on U.S. supply may be limited, prices are soaring because the ban makes it more of a challenge to trade in Russian oil and more likely that other countries may follow suit,” wrote Rystad Energy's head of oil markets, Bjørnar Tonhaugen, in a note.reached a record high in 2019, then plummeted during the pandemic. It was already rising again before Russia invaded Ukraine.
The industry is also suffering from broader supply chain problems and labor shortages that make it harder to rapidly scale up production, as Occidental Petroleum CEO Vicki Hollub said this week, per
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