Oil Prices Surge, Amid Heightened Tension, Over Ukraine Crisis.<br />NPR reports that oil prices have recently pushed close to $100 a barrel, a high not seen since 2014. .<br />According to NPR, the possibility of a Russian invasion of Ukraine is just one of many driving forces behind the rising price of oil. .<br />On February 22, news that Russia <br />would deploy troops in Eastern Ukraine <br />drove oil prices as high as $99.50. .<br />On February 22, news that Russia <br />would deploy troops in Eastern Ukraine <br />drove oil prices as high as $99.50. .<br />NPR reports that Russia is one of the <br />largest global oil and natural gas producers.<br />Russia produces 17% of the world's <br />natural gas and 12% of its oil. .<br />NPR points out that a Russian invasion <br />of Ukraine could potentially shut down <br />Europe's supply of natural gas.<br />United States' sanctions on Moscow also impact oil prices, and the Biden administration has promised broader sanctions if Russia invades. .<br />United States' sanctions on Moscow also impact oil prices, and the Biden administration has promised broader sanctions if Russia invades. .<br />According to some Wall Street analysts, <br />the possibility exists for oil prices <br />to reach as high as $150 a barrel. .<br />Further complicating matters, oil production remains down since the onset of the pandemic in 2020, while demand has once again surged.<br />Further complicating matters, oil production remains down since the onset of the pandemic in 2020, while demand has once again surged.<br />According to a recent forecast by J.P. <br />Morgan Chase, even in a best-case scenario, oil <br />is likely not to drop below $84 a barrel. .<br />NPR points out that rising oil prices only benefit <br />oil producers, while rising costs depresses <br />economic activity and drives inflation. .<br />NPR points out that rising oil prices only benefit <br />oil producers, while rising costs depresses <br />economic activity and drives inflation.
