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Oil prices rise above $60 as Texas pummeled with snow, ice

Since Election Day, oil has rallied as prospects for economic stimulus and vaccines have grown....
Since Election Day, oil has rallied as prospects for economic stimulus and vaccines have grown. Now, a rare round of winter weather in Texas has limited oil operations, driving the price even higher.(Source: CNN)
Published: Feb. 15, 2021 at 10:28 PM CST
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(CNN) - For the first time in over a year, United States oil is now above $60 a barrel. The rise is mostly due to economic optimism, the COVID-19 vaccine rollout and winter weather.

The last time the price of West Texas oil was higher than $60 was Jan. 7, 2020, when reports of coronavirus infections began to spread. By April, travel came to a standstill, and oil plummeted into negative territory.

Oil steadily rose until sitting in a holding pattern near $40 for several months.

But since Election Day, oil has rallied again, surging 64%, as prospects for economic stimulus and vaccines have grown.

Now, this week, a rare round of winter weather in Texas has limited oil operations, driving the price even higher.

All this means you could be paying more at the pump. A gallon of gas rose to $2.51 on average in the U.S. Monday, according to AAA. That’s 7 cents higher than a year ago and up 14 cents from last month.

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