US oil prices have skyrocketed $120 since crashing to negative $40 a barrel in April 2020. Crude is on track to finish Monday above $80 a barrel for the first time in seven years.
Energy demand is back today as the world economy reopens -- but supply simply hasn't kept up. That's why Gas prices are at 7-year highs, and Biden can't do much about itAll of this is leading to sticker shock for many Americans filling up at the pump -- at a time of the year when gas prices typically cool off. The national average price for gasoline hit a fresh seven-year high of $3.27 a gallon on Monday, up by 7 cents in the past week alone, according to AAA.
Bank of America has warned that a cold winter could boost oil demand by half a million barrels per day, lifting Brent crude to $100 a barrel. That in turn would cause more sticker shock for American drivers because gas prices are priced off Brent crude. "We may just be one storm away from the next macro hurricane," Bank of America strategists wrote in a recent note to clients. Record coal prices in ChinaIt's not just high natural gas prices that are playing a role here.
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