What are the current oil prices?

Prices reached a record-high of $4.33 per gallon on March 11 and while the current average has dropped slightly, to $4.26 as of Sunday, the rate is still about 75 cents higher per gallon than the month prior.

Why are oil prices going up?

What causes large increases in heating oil prices? Home heating oil prices can sometimes increase dramatically, especially during cold weather and winter storms. A large cold weather system can affect supply, demand, and prices. People typically use more fuel at the same time that winter storms interrupt delivery systems.

When will oil prices improve?

The EIA forecast that Brent crude oil prices will average $103.37/b in 2022. WTI is forecast to average $97.96/b in 2022. Oil prices are rising due to an increase in demand and a decrease in supply. OPEC is gradually increasing oil production after limiting it due to a decreased demand for oil during the pandemic.