For the first time since 2014, the United States oil price has reached 90 dollars a barrel. This is by far the most expensive oil has been in the last couple of years and it is mostly due to our pandemic. During our pandemic, the number of people driving to work decreased a substantial amount which resulted in people using less oil. As a result, oil prices dropped exponentially which damaged our economy greatly. Presently, we are still trying to recover from that deep fall which is the primary reason why the prices are so high. Furthermore, the prices are still increasing “oil seems like it’s going to make a run towards $100 oil pretty soon”
This article overviews how problematic the prices for oil are in today’s day and age. If you ask any person especially in the bay area, they’ll complain to you on how much they are spending on gas. I did an article on the rising prices in the beginning of the year and since then, the prices have reached another 10-15 dollars a barrel. That is a dramatic increase. I understand how we are still making up for how much our pandemic contributed to this but hopefully these prices won’t jump any higher.
I think we are all seeing the prices at the pump. Interestingly, I just heard that Russia has profited enormously off the rising prices in oil and has finally put in a position where they are able to support their military in invading Ukraine. What a sad twist to the story. Oil gets very geopolitical as well as environmental. It goes far beyond just driving cars. Do you think this makes the argument to electrify more powerful? To reduce our need for oil, knowing that electric cars will present new problems and challenges as well. (Good post, Reno.)
Yes, the rise of gas prices due the war with Ukraine and Russia has shown the lack of relability of oil. Although we don’t rely on Russia on oil as much as other countries, it effects us as well due to oil being a global market. As a result, Electric power is the way to go right now as it is much more reliable and is better for the environment. Thanks for replying!