Trying to explain the dissonance between oil and gas prices

The price of crude oil is down about 13% since hitting roughly $130 a barrel in early March, when Russia invaded Ukraine. At the same time, the price of gasoline at the pump keeps rising, reaching new records every day. What’s going on? To help explain, we spoke to Javier Blas, a Bloomberg Opinion columnist covering energy and commodities. Plus, the U.S. subsidiary of one of the world’s largest financial services and insurance companies has agreed to pay more than $6 billion in fines and restitution for a fraud scheme that led to the collapse of a group of investment funds. And, in Shanghai, COVID numbers are dropping, but restrictions on residents are still tight.