Energy investors have profited as prices climbed. But companies hesitate to boost production, even though costs weigh on consumers.

“Crack spreads” are higher than ever. But investors aren’t interested in dumping money into fossil fuel expansion.

“Gasoline prices and diesel prices are going to be very high through the summer, potentially higher than they are today,” says Bloomberg’s Javier Blas.

Outsize profits and stock buybacks are inviting more scrutiny from policymakers and environmental advocates.

“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.