Oil settled at more than $100 a barrel Tuesday for the first time since 2014 as the market worries over the potential loss of Russian supplies.
Oil pumping jacks operate in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, on Nov. 19, 2020. MUST CREDIT: Bloomberg photo by Andrey Rudakov.The price of crude oil has skyrocketed by $12 since Friday — a four-day surge past $100 a barrel that likely means expanding production, rising employment in the state’s petroleum industry and significant price hikes at gas pumps.
Economists estimate that every $10 a barrel increase in crude boost gas prices — already at a nine-year high — by 30 cents a gallon. The Organization of the Petroleum Exporting Countries is scheduled to meet Wednesday but isn’t expected to significantly boost its production.What will Russia's invasion in Ukraine mean for Houston? Soaring oil prices are just the start.
“The problem is we’ve already seen gasoline prices go up by $1 a gallon over the last year,” he said. “And that’s put a strain on family budgets, especially those in the lower earning levels.” “These guys have been seriously damaged,” Gilmer said. “They’re now out of the hospital and it looks like they’re up and mobile and walking around again, and it’s not clear if they’re going to be willing to just jump right in there with an all-out surge.”
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