Don’t Blame Ukraine for High Gas Prices
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In recent interviews, U.S. Energy Secretary Chris Wright has blamed Ukraine for higher energy prices, saying that its drone and missile strikes on Russian refineries are the main reason U.S. drivers are paying record prices at the pump.
But the rapidly metastasizing war in the Middle East has made clear exactly where the true and fundamental cause of higher energy prices lies. And it isn’t in Kyiv.
In recent interviews, U.S. Energy Secretary Chris Wright has blamed Ukraine for higher energy prices, saying that its drone and missile strikes on Russian refineries are the main reason U.S. drivers are paying record prices at the pump.
But the rapidly metastasizing war in the Middle East has made clear exactly where the true and fundamental cause of higher energy prices lies. And it isn’t in Kyiv.
Some brutal numbers: Global benchmark crude prices blew past $100 a barrel again and are currently around $105. U.S. average gasoline prices spiked to $4.29 a gallon (up a dollar from a year ago), while the much more important price of diesel reached $6 a gallon for the first time ever. U.S. President Donald Trump, at a party convention in Dallas, offered voters $5,000 in cash if they vote Republican in the November midterm elections—the equivalent of 830 gallons of diesel, or about 25 fill-ups for a Ford Super Duty F-250 pickup truck.
Just to break this down. The United States and Israel launched a war six months ago on Iran, in the most energy-important part of the world. That war has messed up the entire global energy trade, which formerly worked........
