Oil prices have soared to seven-year highs as the global economy has recovered, and driven the U.S. retail gasoline cost to $3.42 a gallon, the highest in seven years. The White House has said it has steps it can take to address the rising costs for consumers, but its options are somewhat limited.
WHY ARE OIL PRICES SO HIGH? Growing demand for oil worldwide has outpaced supply growth as economies have begun to recover from restrictions and shutdowns during the worst outbreaks of the COVID-19 pandemic. The price of Brent crude, the international benchmark, recently traded at more than $84 a barrel, near its highest since 2014. WHAT IS OPEC DOING? The Organization of the Petroleum Exporting Countries and allies including Russia, a […]