"By 9 a.m. Eastern Time today, oil had reached $105.85 per barrel, measured using the Brent benchmark. That's $6.10 more than it cost yesterday morning and about $32 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 sub natural gas for certain areas of their operations wherever possible."
Oil reached $105.85 per barrel today, significantly higher than last year. Oil prices are influenced by supply and demand dynamics, with unpredictable fluctuations. Gas prices reflect various costs, with crude oil being a major factor. The U.S. Strategic Petroleum Reserve serves as a temporary measure during emergencies to stabilize prices. Changes in oil prices can also impact natural gas demand, as industries may switch fuels based on price variations.
Read at Fortune
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