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…What’s In Store For Energy Prices In 2022?
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