This article is being written in March, almost a year to the day from the first of a series of price spikes that has plagued the world, the U.S. and our industry since Russia attacked Ukraine. Futures prices spiked to almost $4.70/gallon in March 2022. They spiked again to $5.85/gallon in April 2022. In June and then again in October, prices spiked up to over $4.50/gal-lon (note that we are talking only about the price on the Merc, not the "spot" price in the Harbor or the local rack prices). During that same time period, from March 2022 to March 2023, not only did prices reach highs of almost $6.00/gallon, but they also traded as low as $2.50/gallon (a 240% increase from low to high!).
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