“The harsh reality for U.S. oil markets is that there is no switch that anyone can flip to suddenly turn on oil production overnight,” one expert told us.

Biden’s ban on Russian oil may raise already high fuel prices. Though recessions followed past runups, this time may be different.

Oil goes into almost everything.

Gas prices are based on oil prices, and traders are getting nervous about a potential ban on imported Russian oil.

“It is ultimately about supply and demand,” one expert says. And COVID-19.

Officials are considering releasing oil from the strategic reserve. They’re also pushing the FTC to investigate possible price gouging.

So far, big oil companies are in the “not” camp.

Two reasons: reluctant investors and potential regulations.

Demand is picking up as more and more people resume their normal lives after vaccination.

Even after the weather starts improving, this crisis’ effects are likely to linger and be felt far beyond the Lone Star State.