EXPLAINER: Why are oil prices high, and any relief in sight?
By CATHY BUSSEWITZ
AP Business Writer
NEW YORK (AP) — Anyone who’s bought food, paid rent or looked for a used car recently has come up against the billowing inflation that has engulfed the U.S. economy. And, with surging oil prices keeping gasoline high, so has anyone who’s filled up a car. Energy costs have been one of the main drivers of what’s become the highest inflation in a generation. Because oil has a direct effect on the prices of gasoline and home heating oils, consumers have been battered by the wild volatility. For now, a gallon of regular gas is averaging $3.33, according to AAA, compared with $2.40 a year ago. What’s going on?
