Gas prices have soared in the past week, jumping 28 cents in just seven days and lifting the national average on Wednesday to a record $4.96 per gallon, according to AAA.
, while one station in Oregon is charging $7.40 a gallon, according to GasBuddy.
Several factors are combining to push up fuel prices. The benchmark Brent crude oil is now trading at about $120 per barrel, or 68% higher than a year earlier, according to FactSet. Behind that surge is the failure of refineries to keep up with rising demand from consumers and businesses as the economy recovers from the initial peak of the COVID-19 pandemic.
Meanwhile, Russia's war in Ukraine is also contributing to higher gas prices. The European Union's decision to drop most of the oil it imports from Russia over its attack on
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