Gas Prices Continue To Rise , as Global Energy Crisis Shows No Sign of Slowing.<br />During the height of the COVID-19 pandemic in the spring of 2020, energy costs hit all-time lows as roads and airports were nearly deserted.<br />As the economy of the world re-opens, the demand for energy has increased drastically.<br />The amount of supply <br />remains stagnant.<br />Oil Prices have soared $120 after tumbling to negative $40 a barrel in April 2020. Prices hovered around $80 a barrel on Monday, a first in seven years.<br />October 31, 2014, was the last time oil closed above $80.<br />In the United States, median prices for gasoline have risen to a <br />seven-year high of $3.27.<br />Prices are up by 7 cents in the past week alone, according to AAA.<br />The price of gasoline has almost <br />doubled since April 2020 <br />and may rise even higher due to the<br /> ongoing global energy crisis.<br />The price of natural gas in Europe has risen from below $2 per million BTU last year to as much as <br />$55 this fall. This adds up to $320 per barrel of oil. .<br />Bank of America has warned that winter will likely boost demand for oil by half a million barrels per day, resulting in even higher prices for consumers around the world.<br />We may just be one storm away from the next macro hurricane, Bank of America Strategists <br />in a note to shareholders, via CNN
