Original article from Arkansas Democrat Gazette here.
As the U.S. continues to move from the Corona Virus pandemic, oil prices continue to the highest they have been in years.
The benchmark for US oil prices, West Texas intermediate crude, came down to $72.11 a barrel on Wednesday the 7th from $76.98 the day before and $10 higher per barrel than they were in May.
The average price per gallon of gas in the US has risen similarly to $3.13, up from $3.05 in June, and $2.18 last year.
According to Michael Pakko, chief economist of the Arkansas Economic Development Institute, says the recent jump in prices come as a response to consumers and businesses returning to pre-pandemic spending and travel. “demand and all energy products collapsed a year ago,” There are enough stockpiles available, but levels are being stripped by summer travel demand, he said.
See the full article from Arkansas Democrat Gazette here.