US oil prices skyrocket to $ 70 per barrel

US, WASHINGTON (ORDO NEWS) — In the United States, oil prices soared to $ 70 per barrel for the first time in three years. This mind-boggling price hike, CNN writes, is a testament to the dramatic recovery in energy prices after their unprecedented fall in April 2020.

West Texas Intermediate (WTI), also known as Texas light sweet, a brand of oil produced in the state of Texas, today surpasses the all-time low by a mind-boggling $ 110. The last time the benchmark American oil mark exceeded $ 70 was in October 2018.

The price recovery is associated with the return of demand for gasoline and jet fuel amid the recession of the pandemic and the recovery of the economy. OPEC and Russia are limiting oil production and supplies, although they plan to increase production in the coming months.

Meanwhile, Americans still pay more at gas stations. Regular gasoline on Sunday was worth 3.05 dollars per gallon ( about 80 cents per liter). A year ago, its price was $ 2.02.

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