U.S. Oil Prices Continue to Surge, Breaking Seven-Year Record

Gas prices outside Yosemite National Park, Calif., March 30, 2019 (Lucy Nicholson/Reuters )

As demand for energy continues to skyrocket due to the post-COVID recovery, U.S. oil prices have hit $80-a-barrel for the first time in nearly seven years.

On Monday, crude oil closed at $80.52 a barrel. The last time oil finished above $80 was October 31, 2014. While seasonal fluctuations in gas prices are typical, with hikes expected during the summer when leisure travel and transportation are at a high, they usually temper by the fall.

The national average price for gasoline has increased by 7 cents in the last week alone, landing at a steep $3.27 a gallon on Monday, according to AAA.

The price spike seems to contradict the administration’s claims that recent inflationary pressures are transitory.

As energy demand persists, supply has lagged significantly behind, prompting President Biden to demand that OPEC and its allies increase oil production. As one of his first acts in office, Biden curtailed domestic drilling by shutting down the Keystone oil pipeline and imposing a moratorium on new oil and gas drilling leases.

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