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subsequent oil embargoes by the U.S. and the European Union have also further strained the global energy supply, isolating one of the world’s largest oil and gas producers and driving prices higher as countries scramble for replacements. Gas prices only started falling in the summer, after a prolonged rise at the start of the year. And rising natural gas prices have led to spikes in the cost of electricity, sending energy bills soaring in some cities. The federal government has taken steps to combat rising prices. President Joe Biden has authorized several withdrawals from the Strategic Petroleum Reserve, and more than 20 states, including New York, Connecticut and Georgia, either paused their local gas taxes or introduced legislation to do so. The Federal Reserve has also raised interest rates four times this year, including the biggest rate hike since 1994 on Wednesday, to try to cool demand by making it more expensive for consumers and businesses to borrow money. Nigel Chiwaya Nigel Chiwaya is a senior data editor for NBC News. JoElla Carman JoElla Carman is the Data Graphics Interactive Visual Designer for NBC News Digital. Danica Jefferies Danica Jefferies is an intern with the Data Graphics team for NBC News Digital.
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