It’s important to understand what’s contributing to the high prices of oil in the first place. Gregory Nemet, professor of public affairs at the University of Wisconsin-Madison’s Wisconsin Energy Institute, pointed out that the cost of oil has steadily increased since last fall, when it was around $70 a barrel, to more than $130 last week before settling back at around $100 a barrel on Tuesday. That initial jump in the cost of crude was driven by the ongoing economic recovery, which boosted demand by consumers and businesses that had been dampened by the COVID-19 pandemic.
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