One yr into Ukraine warfare, US fuel costs are decrease. Here is what to anticipate forward

One year into Ukraine war, US gas prices are lower. Here's what to expect ahead

New York

For Ukraine, the year since Russia’s invasion has been one of widespread death, destruction and displacement, as millions had their lives changed forever. Americans got off easy by comparison, with most feeling the impact of the war only at the gas pump.

But the effect on Americans was far less than it was across Europe, where energy prices for driving and heating climbed much higher. Still, Americans have paid a price for the war, and for the sanctions that the United States and its allies imposed upon Russia after its invasion.

Since Russia is one of the world’s major oil exporters, the sanctions riled global energy markets, where the price of oil is set.

US gas prices shot up $1.48 a gallon, or 42%, to a record $5.02 between the day before Russia’s invasion a year ago and the record price reached on June 14.

That peak was short-lived —…