Oil prices are at their highest level in almost a decade. After the Russian invasion of Ukraine, it is very close to breaking a new record.
The Brent crude oil price jumped to $US139/barrel in February. This is the highest price since 2008. Analysts think that this price could rise to $US185 per barrel as oil-producing countries give Russia a cold shoulder in a time when the market is short of supplies.
Is Russia the world's largest oil exporter? If so, how is Russia benefiting from rising oil prices. What will the long-term effects be for the rest of us? Is it possible that high oil prices will make West's inflation problems worse? As a result, climate change could accelerate or slow down.
Why is oil so expensive?
The simple answer to this question is that oil prices are increasing because Russia's war on Ukraine has led to major restrictions against Russia. Russia is the largest oil producer in the world, and has stopped oil supply. Oil-importing countries are now required to pay higher prices for oil.