https://www.realclearpolitics.com
Or, we could be heading for another lost decade with $200 oil, a depressed economy, and the bottom third of the major seniority lists furloughed. It’s a cyclical business and recession and stagflation has happened before. That’s life. You pay your money and take your chances…
West Texas Intermediate crude futures, the U.S. oil benchmark, crossed $80 per barrel on Friday for the first time since November 2014 as demand rebounds while supply remains tight.
The U.S. oil benchmark jumped more than 2% to trade as high as $80.09 on Friday, before easing from that level and hovering around $79.70 at 11:30am on Wall Street.
Brent crude, the international benchmark, advanced 1.7% to $83.32 per barrel.
Oil prices have surged in recent days alongside a broader rally in commodities including natural gas and coal amid an energy crunch that’s sweeping Europe and Asia