Gas Prices Continue To Rise , as Global Energy Crisis Shows No Sign of Slowing.
During the height of the COVID-19 pandemic in the spring of 2020, energy costs hit all-time lows as roads and airports were nearly deserted.
As the economy of the world re-opens, the demand for energy has increased drastically.
The amount of supply remains stagnant.
Oil Prices have soared $120 after tumbling to negative $40 a barrel in April 2020.
Prices hovered around $80 a barrel on Monday, a first in seven years.
October 31, 2014, was the last time oil closed above $80.
In the United States, median prices for gasoline have risen to a seven-year high of $3.27.
Prices are up by 7 cents in the past week alone, according to AAA.
The price of gasoline has almost doubled since April 2020 and may rise even higher due to the ongoing global energy crisis.
The price of natural gas in Europe has risen from below $2 per million BTU last year to as much as $55 this fall.
This adds up to $320 per barrel of oil.
Bank of America has warned that winter will likely boost demand for oil by half a million barrels per day, resulting in even higher prices for consumers around the world.
We may just be one storm away from the next macro hurricane, Bank of America Strategists in a note to shareholders, via CNN