The cost of energy was dirt cheap in the spring of 2020 as roads and airports sa


The cost of energy was dirt cheap in the spring of 2020 as roads and airports sa


The cost of energy was dirt cheap in the spring of 2020 as roads and airports sat nearly empty during the height of the Covid-19 pandemic. Energy demand is back today as the world economy reopens — but supply simply hasn’t kept up. That’s why US oil prices have skyrocketed $120 since crashing to negative $40 a barrel in April 2020. Crude is on track to finish Monday above $80 a barrel for the first time in seven years. All of this is leading to sticker shock for many Americans filling up at the pump — at a time of the year when gas prices typically cool off. High gas prices will only exacerbate elevated inflation, squeeze the budgets of American families and hurt President Joe Biden’s political fortunes. Unfortunately, prices at the pump may get lifted even higher by the global energy crisis.⁠

📸: Yasin Ozturk Anadolu Agency/Getty Images



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