Oil’s move higher is making waves around the world as supplies buckle amid a growing appetite for crude and petroleum products, threatening to complicate the task of central bankers in their efforts to tame inflation. Meanwhile, the International Energy Agency hosts three events this week in Paris focused on the energy transition, including one on critical minerals Thursday.
As global crude futures climb, the question now becomes increasingly focused on when — not if — prices will return to the $100 per barrel mark. While that level is helpful for producers, the concern is that consumers will start to feel the pinch amid other inflationary pressures, which in turn could impact global growth prospects and ultimately reverse the recent price gains.
The three-month skid — the first since February 2022 — will add further stress to tight global supplies as oil futures hover around $90 a barrel.US Republican presidential candidate Ron DeSantis unveiled his energy plan last week that included boosting oil production and lowering the cost of gasoline to $2 a gallon in his first year in office. That’s pretty ambitious given the US has only seen $2 pump prices on a nominal basis three times in the past 15 years, EIA data show.
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