Title : Global Energy Crisis Worsens
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Global Energy Crisis Worsens
CNN: Gas prices skyrocket as the global energy crisis worsens
New York (CNN Business)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. US oil prices finished above $80 a barrel on Monday for the first time in nearly seven years.
Crude gained 1.5% to end the day at $80.52. The last time oil closed above $80 was October 31, 2014.
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. The national average price for gasoline hit a fresh seven-year high of $3.27 a gallon on Monday, up by 7 cents in the past week alone, according to AAA. Gas has nearly doubled since bottoming at $1.77 in April 2020.
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Update: US crude oil price tops $80 a barrel - the highest in seven years - as global fuel shortage continues amid Russian-EU spat (Daily Mail).
WNU Editor: With government mandates, restrictions on oil and gas development, canceling pipelines, carbon taxes, closing down power plants that do not meet "green" standards, and other measures .... we now have a perfect storm of high prices and supply problems.
And it is going to get worse.
Many governments are still committed to their green agenda, and they are going to implemented them knowing full well it will damage their economies.
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