Why are US gas prices so high while the country uses so little Russian oil?

According to a recent study, rising inflation costs the average American household $296.45 in additional expenses.

According to data obtained by a news agency, Ryan Sweet, a senior economist at Moody’s Analytics, came up with the figure after the latest Labor Department statistics revealed that consumer prices rose 7.9% in February.

Sweet compared average household expenditure in February to what would have been spent in 2018 and 2019 if inflation had remained at 2.1 percent.

The CPI increased 2.5 percent in just six months, a stunning rate of rising, with a spike of.8 percent in February alone, shortly before Russia invaded Ukraine.

Energy rose by 3.5 percent in February following a 0.9 percent gain in each of the two prior months.

In February, inflation reached a 40-year high, owing in part to rising gas prices. According to data issued Thursday by the Bureau of Labor Statistics, the consumer price index increased 7.9% on an annual basis. Month over month, inflation increased by 0.8 percent.

The year-over-year increase compares to a 7.5 percent increase in January. It’s the fastest rise since February 1982, when inflation peaked at 7.6%.