Oil prices increased this fall to territory not seen in seven years. According to experts, a jump in global demand and a lack of spare production capacity could mean that crude oil worth US$100 per barrel could become a reality.

As oil prices increase, the demand for new, efficient technologies drops. The world is now flooded with oil that is no longer profitable. Innovators are scrambling to create Earth-friendly solutions that the world wants and needs.

Oil prices have increased due to the low supply of oil. Prices have been at the highest level since basically 2014, which was the initial big crash that affected the industry.

The unprecedented global commodities booming is driving oil prices higher. Johnston said oil prices could hit $100 per barrel by the end of the year.

With oil prices approaching $100 a barrel, business confidence in Alberta has taken a huge hit. But we haven’t seen the worst of it, and even with lower prices and investment, we can be resilient.

Nationally, the average price of gasoline increased to $1.28 per litre Monday, up 10 cents from a month ago and 23 cents higher than a year ago. Alberta saw the biggest hike in prices, at 16 cents per litre in April.

Manitoba motorists would pay $0.50 more per litre for gasoline, $1.15 more for diesel, and $0.35 more for propane if the carbon tax had already kicked in.

Legge said that the price of oil has increased, and drilling companies are busier now than they have been. They could see the point where they are now hitting challenges finding labor to supply the growth.

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