"By 8:15 a.m. Eastern Time on April 9, 2026, oil had reached $100.99 per barrel, measured using the Brent benchmark. That's $7.23 more than it cost yesterday morning and $35 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."
"If oil prices increase, some industries may sub natural gas for certain areas of their operations wherever possible. This can increase demand for natural gas."
On April 9, 2026, oil reached $100.99 per barrel, significantly higher than previous prices. Oil prices are influenced by supply and demand dynamics, with external factors causing volatility. Gas prices at the pump reflect various costs, with crude oil being a major component. The U.S. Strategic Petroleum Reserve serves as a temporary measure to stabilize prices during emergencies. Changes in oil prices can also impact natural gas demand, as industries may switch fuels based on price fluctuations.
Read at Fortune
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