U.S. crude oil prices hit a high of $86.40 per barrel in October this year Natural gas prices also rose this year, although the rise in U.S. benchmark prices was minuscule in comparison with European price trends 2022 could see higher energy prices if current trends continue U.S. crude oil prices hit a high of $86.40 per barrel in October this year. The trends that led to this peak also lifted all other energy prices in what turned out to be a truly wild year for fossil fuels. And for inflation. West Texas Intermediate started the year modestly, at a little over $50 per barrel. Crude oil prices had just begun to recover in the third quarter of 2020 after a devastating 2020 when lockdowns and travel restrictions wrought havoc on oil demand, prompting forecasts that it would never recover to pre-pandemic levels. These forecasts may have contributed to […]