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Crude oil and gasoline prices increased in 2021 as demand growth outpaced supply growth (1/5/2022)

Author: FleetLogik Media Relations/Wednesday, January 5, 2022/Categories: General

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The Brent crude oil price increased from 2020 to average more than $70 per barrel (b) in 2021 as global demand for petroleum products increased faster than production, leading to global inventory draws. Nominally (not adjusted for inflation), the annual average crude oil price reached its highest level since 2018. Crude oil prices are the largest determinant for wholesale and retail gasoline prices, which were at their highest nominal levels since 2014. ...

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