Gasoline Prices Are Higher, Because Oil Prices Have Doubled Since November

On the demand side, people are feeling optimistic about a post-COVID economy, giving energy prices a lift.

By Alexandra HartMarch 8, 2021 2:22 pm

If you’ve filled up on gas recently, it may seem like it’s costing more to top off your tank than it has over the past year. Your imagination isn’t playing tricks on you – gas prices have jumped in recent months, and the trend is likely to continue.

That’s because oil prices have gone up significantly, says Matt Smith, director of commodity research at ClipperData.

“[Oil prices are] now at $66 for that for the US benchmark, that [West Texas Intermediate or] WTI price. They’ve doubled since November. We’re at a multiyear high back to levels not seen since 2018

What you’ll hear in this interview:

– Why oil prices have been rallying

– Why we can expect gas prices to continue to climb in the near future

– What it means for the Texas’ economy

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