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Oil Prices Now Lower than at Start of the War in Ukraine [1]
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Date: 2022-08-16
oilprice.com/…
The price of crude oil has fallen for more than 60 days straight and is now $7 a barrel below where it was on February 24, when Russia invaded Ukraine.
Let’s look at recent history. During the pandemic, oil prices collapsed as economies around the world partially closed down, and many wells were shut-in since there was little demand. At the end of 2021, West Texas Intermediate (WTI) had recovered to $75 a barrel and stared heading up as the restrictions came to an end and demand was increasing. By the time the war started in February, prices were up to $93 a barrel.
Oil prices peaked above $120 a barrel, most recently about June 10. Since then China’s economy has slowed. Some of the shut-in wells in the US and other producing countries have started pumping again. President Biden has also been releasing 180 million barrels from the strategic reserve to bring prices down.
Prices today are at $86.22 with continued talk that a deal with Iran over its nuclear program may (or may not) be close.
The price of oil and the price people pay at the gas pump is important economically and politically. Beyond that, high oil prices have financed Putin’s War in Ukraine. On the other hand, high prices encourage more investment in alternative energy.
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https://www.dailykos.com/stories/2022/8/16/2117038/-Oil-Prices-Now-Lower-than-at-Start-of-the-War-in-Ukraine
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