Crude Oil prices are beginning to level out and have seen a slight drop in August. Demand for oil and gas continues to rise, but production has increased–resulting in a decrease in price despite reaching a 12-month high in July. 12 months prior, the price of oil sat at nearly half its current value.
North American oil prices are on the rise, mainly due to lower inventory levels and political pressures on the pipeline companies. US crude inventories are expected to drop to their lowest levels since February 2020. Propane prices have hit their highest levels since 2013, due to high demand for exported propane.