US oil prices have skyrocketed 69% since November's election based on Thursday's close at $63.50 a barrel. He estimated that US oil prices are $7 to $8 higher than where supply-demand dynamics suggest they should be. Consider that US gasoline demand -- the biggest driver for oil prices -- hasn't been this weak in February since 1997. Goldman Sachs now says US oil prices will average $72 a barrel in the third quarter, up from $62 previously. "Many of us are still prisoners of the 1970s oil price shock.

Source: The Nation February 26, 2021 20:03 UTC