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The rise in fuel prices does not seem to stop. Indeed, oil prices continue to rise. Specialists expect the price of a barrel to cross the symbolic threshold of one hundred dollars. Why this price spike?
Black gold is aptly named. The price of a barrel of oil soared above 85 dollars. But how to explain such an increase? First of all, the omicron variant is a primary cause of this increase. The variant is less dangerous than feared. It has not slowed down the economy and motorists continue to consume a lot of oil. Consumption increases, but supply does not follow, as for example because of the revolts in Kazakhstan. Attacks are also numerous on strategic oil production sites which must then close temporarily.
Incidents of natural origin are also another cause of rising prices. In Canada, a cold storm is hampering production while in Venezuela, a pipeline caught fire. Countries therefore invest less in particular, because they do not know where to stand in relation to demand and Cvid-19.