New Yorkers’ soaring energy bills this winter have delivered a difficult lesson to residents and business owners about energy inflation and the cost effects of low supply.
That lesson could be underscored as volatility in oil prices and potential supply disruptions result from Russia’s invasion of Ukraine—even though the United States does not rely on fuel from Russia itself.
With the volatility, “you kind of keep looking over your shoulder,” Steve Richardson, an Evercore ISIS energy analyst, told CNBC yesterday as the price of oil briefly rose to $100 per barrel before falling back today to a little more than $90.
Part of the uncertainty stems from the sanctions
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