As of 7:30 a.m. Eastern Time, Brent crude was trading at $97.65 per barrel, down $2.66 from the previous day and up approximately $33.50 over the past year. Supply and demand, wars, recessions, OPEC+ decisions and changing energy policies drive price movements, while crude oil typically accounts for more than half of the final price at the gas pump. The U.S. Strategic Petroleum Reserve can provide temporary relief during supply shocks but is not a long-term solution. The article also notes that oil prices have fluctuated sharply since the 1970s, including during oil shocks, the global financial crisis and the Covid-19 lockdown, when prices fell below $20 per barrel.
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