Edit: You people are insane with these downvotes. Russia invaded Ukraine on February 24, 2022. Look at a graph of gas prices and see what happened right after that. The war in Ukraine was directly responsible for the gas price spike in 2022
I didn’t down vote you but, want to address your edit. You are absolutely right that war in Ukraine contributed to the price. And you are right that this spike had not much to do with the economy, but keep in mind that the restrictions were lifted I think in February as well pretty much simultaneously in all countries.
During restrictions people traveled less, so the demand for oil was lower, so in 2020 oil fields reduced output.
Now restrictions were lifted so demand increased, sanctions on Russia were imposed so demand on Persian Gulf also increased.
It takes few months to restart production from oil wells that were shut down, and then there’s also few weeks delay as the tankers are transporting the oil.
Do you have a source on Feb '22 being some kind of turning point regarding covid restrictions? Having lived through COVID as a healthcare worker, I recall the timeline pretty acutely, and my memory is lockdowns were almost universally over by summer '20, the first vaccines were administered on a large scale in December '20, and activity increased progressively throughout 2021.
Meanwhile, the gas price spike occurred immediately after Russia invaded Ukraine, and concerns about oil supplies were plastered all over the financial news of the day
*war in Ukraine
Edit: You people are insane with these downvotes. Russia invaded Ukraine on February 24, 2022. Look at a graph of gas prices and see what happened right after that. The war in Ukraine was directly responsible for the gas price spike in 2022
Both, supply issues causes by economy restarting from covid as well as was in Ukraine that putin started.
Ironically that also supposed to be very quick as the one with Iran.
The sudden spike in prices that immediately followed Russia invading Ukraine had almost nothing to do with the economy
I didn’t down vote you but, want to address your edit. You are absolutely right that war in Ukraine contributed to the price. And you are right that this spike had not much to do with the economy, but keep in mind that the restrictions were lifted I think in February as well pretty much simultaneously in all countries.
During restrictions people traveled less, so the demand for oil was lower, so in 2020 oil fields reduced output.
Now restrictions were lifted so demand increased, sanctions on Russia were imposed so demand on Persian Gulf also increased.
It takes few months to restart production from oil wells that were shut down, and then there’s also few weeks delay as the tankers are transporting the oil.
I think both contributed to the spike.
Do you have a source on Feb '22 being some kind of turning point regarding covid restrictions? Having lived through COVID as a healthcare worker, I recall the timeline pretty acutely, and my memory is lockdowns were almost universally over by summer '20, the first vaccines were administered on a large scale in December '20, and activity increased progressively throughout 2021.
Meanwhile, the gas price spike occurred immediately after Russia invaded Ukraine, and concerns about oil supplies were plastered all over the financial news of the day