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FORBES ADVISOR: Why Is The Price Of Oil Rising?

Taylor Tepper | March 08 , 2022

Every time Americans stop at a gas station to fill the tank, they get another economics lesson. Ballooning prices are Americans’ top concern for 2022, more worrying than their ability to pay bills or broader inflation, according to a recent eMoney Advisor survey. 

In the U.S., oil producers aren’t in a hurry to expand production.

“The U.S. oil rig count is currently at 520, after hitting a low of 295 a year ago,” said Mace McCain, chief investment officer at Texas-based Frost Investment Advisors. “We are still well below the 2014 high of 1,609 rigs operating.

Excerpted from Forbes Advisor on March 8, 2022. To read full article, click here.

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