Explained | Why are oil prices high, and any relief in sight?
The Hindu
Energy costs have been one of the main drivers of what’s become the highest inflation in a generation.
Anyone who’s bought food, paid rent or looked for a used car recently has come up against the billowing inflation that has engulfed the U.S. economy.
And, with surging oil prices keeping gasoline high, so has anyone who’s filled up a car.
Energy costs have been one of the main drivers of what’s become the highest inflation in a generation. In recent days, the price of a barrel of U.S. benchmark crude oil hit a seven-year high — $87 a barrel, a dizzying jump of about 36% since Dec. 1.
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