On March 7, 2022, the OPEC basket stood at 126.51 U.S. dollars per barrel, compared to 123.21 U.S. dollars for Brent oil and 119.4 U.S. dollars for WTI oil. Europe’s Brent crude oil, the U.S. WTI crude oil, and OPEC’s reference basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Oil prices have been trading around 120 U.S. dollars – the highest figures since 2008 – with traders expecting supply issues due to the Russia-Ukraine war.Lowest ever oil prices during coronavirus pandemic
In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks• Crude oil prices weekly 2022 | Statista
The US has now ‘sanctioned’ or cut off oil selling from the three largest oil producers it no longer ‘likes’ to the entire world …. Venezuela, Iran and now Russia..
Just wondering how that is going to help the average person trying to survive in the world?
For a country that believes in the ‘free market’ the US seems to be really dictatorial, authoritarian and pro ‘cancel culture’..