A Fourth Oil Shock?

West Texas Intermediate Monthly Nominal Spot Oil Price 1970 2022

Since the onset of the Covid-19 pandemic, the price of petroleum has been subject to substantial volatility. While oil prices collapsed in early 2020, by late 2020, prices surged. This can mainly be attributed to a bounce-back in the demand as well as aggressive quantitative easing by central banks. With the War in Ukraine and its additional impacts on oil supply, a fourth oil shock may be in the making.

West Texas Intermediate, Monthly Nominal Spot Oil Price (1970-2022) | The Geography of Transport Systems (transportgeography.org)