The increased price of crude oil is the main contributor to the cost of gas spiking. The cost of this raw material made up 60% of the market price of a gallon of standard gasoline as of April, according to the Energy Information Administration. The high demand and low supply of crude oil has put a strain on American resources. Russia produces around 12% of the world's crude oil. Russia's war in Ukraine led to stiff sanctions by many western nations - including the U.S. - that include the sale of crude oil. The pandemic didn't help either. The supply of oil has not risen with its high demand post-COVID.