Oil Prices Rally as Fears Over Omicron Diminish

With the close of 2021, the price of oil is rallying. Patrick DeHaan with www.gasbuddy.com notes that West Texas Crude was trading up roughly $2 per barrel in recent action. He says that’s $14 per barrel higher than the start of December, when Omicron fears started to impact investors.

But he says many of those fears and concerns investors had to start the month has disappeared. “We continue to see things easing up, more studies indicate Omicron is less severe than the Delta strain, and so I think markets are closing out the year in rally mode, and we are likely to see gas prices start to inch up in the weeks ahead, as well as diesel, with oil prices leading the way.”

DeHaan says that unless another more deadly variant is discovered, he expects oil prices to continue this rally into January and, perhaps, February.

“Globally, we continue to recover. We continue to move beyond, or we continue to see the start of the pandemic moving back in our review [mirror], meaning that we have more experience under our belts. So, I do expect that 2022 will again feature relatively high prices as we continue to see an imbalance between very strong demand and weaker supply.”

For more information, go to www.gasbuddy.com.

Related articles

Foreign Farmland Ownership Becomes Military Security Issue

First, it was a competition issue, but recently, foreign ownership of U.S. farmland, especially by China, has become a U.S. national security issue. A Chinese spy balloon spotted over Montana, and now a U.S. Air...

Grassley, Fischer, Wyden, Tester Reintroduce Cattle Market Reform Bill 

Senator Chuck Grassley and a bipartisan group of Senators last week introduced the bipartisan Cattle Price Discovery and Transparency Act of 2023. Joining Grassley was fellow Republican Deb Fischer of Nebraska, and Democrats Ron...

FAO Food Price Index Continues to Decline

The February FAO Food Price Index averaged 131.2 points in January 2023, down 1.1 points, or 0.8 percent, from December, marking the 10th consecutive monthly decline. With this latest decline, the index has fallen...

Food Dollar’s Property Income Share Remained at Historic High in 2021

In 2021, the average dollar spent by U.S. consumers on domestically produced food returned 39.4 cents as property income. Property income is income received by owners of capital assets such as land, equipment, and...

USDA Announces Steps to Improve Child Health through Nutritious School Meals

Agriculture Secretary Tom Vilsack Friday announced major initiatives that support and enhance the health of America’s children through nutritious school meals. At the USDA Conversation on Healthy School Meals Roundtable, Vilsack says, “Our commitment...

Latest articles

%d bloggers like this: