High gasoline prices hit low-income working people especially onerous, and lots of will drive less to economize. High fuel prices additionally improve the costs of all items, which slows financial activity. OPEC and oil corporations might over-produce once more, as they did in 2014. But that was a value warfare for market share that triggered widespread monetary losses for everyone involved. The war in Ukraine, meanwhile, means traders will use any extra supply to scale back reliance on Russian exports, not bring down prices. Oil producers haven’t any purpose to promote cheaper gasoline, writes business columnist Chris Tomlinson.

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