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Oct 16, 2021 · World Energy News Home News. Oil Slides 4% on China Virus Curbs, Climate Warning. Oil prices fell by 4% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.A United Nations panel's dire warning on climate change also added to the …
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WASHINGTON (Reuters) - Energy prices are expected to inch up in 2022 after surging more than 80% in 2021, fueling significant near-term risks to global inflation in many developing countries, the World Bank said in its latest Commodity Markets Outlook on Thursday.
The growing energy crisis is causing rising prices for groceries, cars, rent, and just about everything else. Americans have been here before-in the 1970s when oil shocks and soaring inflation defined the economy.
The U.S. has been somewhat insulated from the energy crisis because America remains one of the world’s largest oil and gas producers. But at the end of the day, energy commodities are global, and the U.S. economy will increasingly feel the effects of the crunch.