Oil prices have been very volatile on a near hourly basis as investors attempt to assess how high oil prices might impact the global economy. The growing worldwide energy shortage and decreasing inventories in the U.S. create the perfect conditions for the rising prices we've seen. However, the potential that countries and individuals might seek alternatives if prices continue to climb is preventing further price increases.
- Despite this, all technical indicators seem to show that oil prices will continue to rise significantly over the coming months.
- Coal and Natural Gas shortages are contributing to the record price of oil.
- President Biden has warned Americans that they should expect higher gas prices in 2022.
*Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.