West Texas Intermediate crude jumped over $100 a barrel Thursday for the first time since 2014.
Prices topped out at $100.54, before President Joe Biden announced the U.S. is working with major consuming nations to coordinate a collective release from strategic petroleum reserves, while continuing to spare Russian supplies from sanctions, according to Bloomberg.
But the price spike made clear $100 can again be a reality. Here’s is what three experts told Oil Editor Mella McEwen about another round with $100 oil.
Kirk Edwards, president of Latigo Petroleum: “It goes to show how lucky we are to live in the US and in Texas with its abundance of oil and gas. We know how to produce in the US. Europe is at the beck and call of Russia and their policies. We don’t need to be in the same situation.”