The spike in energy prices comes as consumers in the U.S. are facing the highest inflation in decades.
In Los Angeles, gas cost more than $5 a gallon last week. In the rest of the country, gas is a relative bargain at just over $4 a gallon.
But the prospect of that changing briefly sent the price of Brent crude oil, the global benchmark, above $130 per barrel, its highest since 2008. Brent was trading at around $124 a barrel in late morning trade on Monday. Wiederhold has a fuel charge built into his trucking rate, which is updated weekly. But with prices soaring more than 60 cents a gallon in the last week, it’s hard to keep up.
U.S. Secretary of State Antony Blinken said on Sunday that the U.S. and European allies are in talks over a potential restrictions on Russian oil exports.
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