Ukraine and rising energy prices

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Ukrainian attack on Russian oil refineries

This reduction of Russia's ability to refine petroleum doesn't just affect the Russian economy, it reduces the global ability to produce refined petroleum products. Reduced supply, assuming demand stays constant, inevitably leads to higher prices. And yes, the market for petroleum products is a global one.

In general, America's foolish support for Ukraine, and its ongoing conflict with Iran, are major causes of increasing energy costs.