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During the last full week of March WTI fell about 5 percent to end at $21.51, with Brent down 7.6 percent for the week to $24.93. [10] The price of Canadian heavy crude dipped below $5 per barrel. [11] In the first quarter, the percentage loss was the worst ever, 66.5 percent for WTI and 65.6 percent for Brent.
Trump also mentioned his intent to impose tariffs on Canada and Mexico starting Feb. 1, sparking concerns of a trade war that could impact economic growth and, as a result, oil consumption.
Oil prices dipped to their lowest point of the year this week despite the recent ... What Gas Prices Meant for Americans’ Wallets in 2022. ... You can get TurboTax for 30% off on Amazon today. AOL.
Since the 2022 sales, the Department of Energy bought back 32.3 million barrels of oil, aiming to purchase at a maximum price of $79 per barrel. [10] However, oil has been purchased exceeding the $79 price cap in March 2024. As of April 2024, further SPR purchases were cancelled due to rising oil prices. [31]
The Biden administration has bought back 59 million barrels after the 2022 sale at an average price of less than $76 a barrel, far lower than the $95 a barrel it sold oil in 2022.
While prices have come down since the peak in June, prices were beginning to tick up again. Gas prices hit $3.79 a gallon the week of September 29, 2022, up from $3.73 on September 23, 2022 — an increase of $0.06 per gallon over the last week. [14] Since October 10, 2022, the price of gasoline has gone down again.
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West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX).