Angola was one of OPEC’s largest African oil producers.

But refinery operations are returning to normal and demand usually tapers off in August.

Today's practice of gas prices that end in 9/10th of a cent began in the 1930s.

“The big story from my chair is that demand is weaker,” says one expert.

Petroleum is a critical input in modern economies, but how do oil supply shocks impact real economic activity and employment?

WASHINGTON (AP) — Striking harder at Russia’s economy, President Joe Biden on Tuesday ordered a ban on Russian oil imports in retaliation for Vladimir Putin’s onslaught in Ukraine .

From the vantage point of policymakers in the Federal Reserve, an oil embargo by Arab producers against the U.S. further complicated the macroeconomic environment of the early 1970s.

The decision risks adding another shock to a global economy that is already battling inflation driven by high energy costs.

Oil prices have fallen to roughly $80 a barrel from more than $120 in early June amid growing fears about the prospect of a global economic recession.

Several factors, from a refinery fire to a cut in oil production, are pushing Michigan’s gas prices above the national average.

Explore North America's crude oil pipelines and refineries across the U.S. and Canada in our interactive map.

Policy likely cannot significantly reduce prices soon, experts told ABC News.

To help understand what’s happening at the pump, it’s important to first know what key factors dictate the price of gas.

Because fuel is a critical input for so many goods and services, higher costs are causing havoc across the economy.

EconExtra is a series of posts that go beyond the textbook, relating current events and recent developments in economics to content standards, and providing resource suggestions to help you incorporate the current events into your lessons. This week’s issue can be incorporated in even the most basic discussion of supply and demand.  It will be interesting to visit this issue in the beginning of the next school year to track what happened to oil and gasoline prices over the summer months, and to see if anything has changed.     The Headline Issue   The school year may already be over for some of you, but there has been much furor over gasoline prices in recent months, and it does not appear that much will change any time soon.   Initially, the price of oil, driven up by the war’s impact on global supply, was easy to blame. But as the price of oil has moderated, the price of gasoline is going even higher.

Cheap gas isn’t in the United States’ future. Even if more oil was flowing freely, it would still have to get refined into gasoline. And that’s where the problem is.

"Crack spreads" are higher than ever. But investors aren't interested in dumping money into fossil fuel expansion.

There’s one question on everyone’s mind lately: why are gas prices so high? In this episode of Brew Breakdown, we take a look at the global oil market, explaining how sanctions on Russia have tightened the worldwide of gas supply chain, and why prices may vary state to state. #GasPrices #Oil #Inflation #BrewBreakdown Got a topic you want us to cover? Let us know in the comments below. Want more Brew Breakdown? Watch it here: https://bit.ly/WatchBrewBreakdown Subscribe to Morning Brew Sign up for free today: https://bit.ly/morningbrewyt Follow The Brew! Instagram - https://www.instagram.com/morningbrew/ Twitter - https://twitter.com/MorningBrew Tik Tok - https://www.tiktok.com/@morningbrew

With gas prices climbing up, you may think station owners are getting greedy. But the economics behind the pump tell a different story.