Get Ready To Pay More At The Pump

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Sorry America.

It appears that oil prices have once again shot up on Wednesday after a drawdown on U.S. crude and fuel stockpiles. Furthermore the spike in prices was also caused by concerns of slowing demand out of China.

According to Fox, the price for West Texas Intermediate crude hit $106.25 per barrel which is a rise of $3.82. Brent futures also rose to $108.71 per barrel which is an increase of $3.74.

Additionally the surge in gas prices came after news broke that European leaders were looking to place more sanctions against Russia for their invasion of Ukraine.

The price of gasoline seems to continue to slowly rise and President Biden is sticking firm to his plan of not increasing U.S. production. Republicans have pointed out to Biden’s administration that a simple solution to lower gas prices is simply to drill for more oil however the Biden team is not willing to entertain the idea.

Published by Market Finance