Oct 12, 2021 - Economy & Business

Oil price milestone

A chart of WTI crude oil futures
Data: FactSet; Chart: Axios Visuals

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.

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.
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