Oil Prices Rise Above $60 After Winter Storm
US OIL RISES ABOVE $60 AS TEXAS GETS PUMMELED WITH ICE AND SNOW
(CNN) – For the first time in over a year, U.S. oil is now above $60.00 a barrel.
The rise is mostly due to economic optimism, the vaccine roll-out, and winter weather.
The last time the price of West Texas oil was higher than $60.00 was January 7th 2020.
That was when reports of coronavirus infections began to spread.
By April 2020, travel came to a standstill and oil plummeted into negative territory.
Oil steadily rose until sitting in a holding pattern near $40 for several months.
But since Election Day, oil has rallied again, surging 64%, as prospects for economic stimulus and vaccines have grown.
Now this week, a rare round of winter weather in Texas has limited oil operations, driving the price even higher.
All this means you could be paying more at the pump.
A gallon of gas rose to $2.51 on average in the United States Monday, according to AAA.
That’s 7 cents higher than a year ago and up 14 cents from last month.