The Russia-Ukraine war has pushed energy prices up. However, the market has cooled down considerably, with oil prices far below their near $130 per barrel peak. Furthermore, the OPEC+ oil cartel might approve increases in crude production in the near term, with pressure from the United States on the cartel’s largest producer Saudi Arabia.
Meanwhile, the Biden administration has asked U.S. oil and gas producers to produce more to bring prices down. The administration has also stated that it will release 30 million barrels of oil from its Strategic Petroleum Reserve.
