Gas Prices Hit 7 Year High Under Biden
Today (Jan. 18), oil prices shot up by 1.7% making it the highest it has been since 2014.
According to the Wall Street Journal, West Texas Intermediate futures hit $85.20 a barrel by the morning and if the futures don’t drop substantially by the time the market closes it will be the highest closing level since October 2014.
What’s worse is that in 2014 the prices quickly dropped and this time, do to several economic reasons, it appears as though the prices could climb even higher.
When the pandemic was the worst in 2020 U.S. crude futures tanked because of the overabundance of oil that was available which also causes prices to drop.
Now, oil producers are facing the exact opposite problem. Oil stockpiles are running low and the demand is growing more than ever. The omicron variant has surprisingly not stopped people from continuing to travel which is creating a bigger problem for President Biden and his administration.
The Wall Street Journal further explained that this is “adding pressure on U.S. oil prices are tensions in the Middle East and Europe — tensions which could further reduce the supplies of major crude producers overseas.”