"By 10:15 a.m. Eastern Time today, oil had reached $111.69 per barrel, measured using the Brent benchmark. That's $6.83 more than it cost yesterday morning and about $41.42 above its price a year earlier."
"Crude oil usually accounts for more than half of the price per gallon, it tends to move the needle the most. Sharp increases in oil almost always show up quickly at the pump."
"The U.S. has a reserve of crude oil called the Strategic Petroleum Reserve. Its chief function is to secure energy during disasters like sanctions, severe storm damage, or war."
"A big change in oil prices can end up affecting natural gas. If oil prices increase, some industries may substitute natural gas for certain areas of their operations wherever possible."
Oil prices reached $111.69 per barrel, a significant increase from the previous day and the past year. The unpredictability of oil prices is driven by various factors, including supply and demand dynamics, geopolitical concerns, and economic conditions. The cost of gasoline at the pump is influenced by crude oil prices, refinery costs, taxes, and gas station markups. The U.S. Strategic Petroleum Reserve serves as a temporary measure to stabilize prices during emergencies. Changes in oil prices can also impact natural gas demand.
Read at Fortune
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