Crude Oil Hits Seven-Year High As Prices Climb To $80 A Barrel And Gasoline Prices Soar

CBS Dallas/Fort Worth

October 12, 2021

According to AAA Texas, the statewide gas price average in the Lone Star State is $2.87 for a gallon of regular unleaded fuel, a direct reflection that for the first time since 2014 US oil prices are back above $80 per barrel.

The climbing prices are a boon for the energy industry, which was battered during the pandemic, but bad news for the economic recovery as winter approaches.

West Texas Intermediate futures, the US crude benchmark, finished Monday at $80.52 per barrel. The price for November delivery is up again Tuesday, putting the commodity on track for its fourth straight trading session of gains.

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