- Advertisement -

Oil hit $80 a barrel on Friday, seven years on, high threatening to further raise energy costs for the millions of Americans at the gas pump and this winter.

NYMEX crude is up over 60% this year.

anchorthe protectionThe lastChangeChange %
UseUnited States Oil Fund LP55.59+0.25+0.45%
advertisement

Global benchmark Brent touched the $83 level and is up over 58% this year.

Biden’s social spending spree could lead to huge inflation: JEC Republican

anchorthe protectionThe lastChangeChange %
bnoUnited Sts Brent Oil FD LP Unit21.79+0.04+0.18%
- Advertisement -

In addition to impacting consumers, high crude oil prices are another reflection of how the US is lagging behind as a global energy leader.

“We became the largest producer of oil and gas in the world, bigger than Saudi Arabia, bigger than Russia. And it was a significant achievement for America and the American people to be reversed in such a short time, it really is. It’s shocking,” said former US Energy Secretary Dan Brouillette under President Trump during an interview with Granthshala Business’ Larry Kudlow.

OPEC has recently continued production at current levels, despite rising demand and US pressure from the ongoing pandemic.

Get Granthshala Business on the go by clicking here

Prices at the pump reached $3.26 per gallon, per AAA, the highest since October of 2014.