U.S. crude oil just closed above $80 per barrel for the first time since 2014.
Why it matters: The meteoric rise of oil, natural gas and coal has sent energy costs up around the world.
- The average gallon of gasoline at the pump costs $3.19, compared to $2.16 a year ago.
State of play: In a bid to keep prices down, U.S. Energy Secretary Jennifer Granholm has considered releasing more oil from the country’s strategic petroleum reserve, Reuters reported.
- The Biden administration also in August called for OPEC to increase production.
What we're watching: Whether U.S. shale producers start upping their output faster.
- So far, the number of active oil and natural gas rigs in the U.S. is nowhere near pre-pandemic levels, as we wrote about Monday.