The ongoing conflict between Ukraine and Russia has pushed up energy prices worldwide, with gasoline prices in the United States soaring to an all-time high on March 8. Critics have blamed the Biden administration’s insistence on diverting away from fossil fuels, a main contributor to the price hike.
HOUSTON: Oil prices running at their hottest level in 14 years are poised to cut post-COVID pandemic fuel demand as consumers react to surging pump and power prices by pulling back on spending and travel, top energy executives warned on Monday.