Could oil prices hit $100 per barrel?

Published: Oct. 13, 2021 at 3:58 PM CDT
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BISMARCK, N.D. (KFYR) - Russian president Vladimir Putin said in a press conference on Wednesday that oil prices from the U.S. could reach $100 per barrel if demand for energy sources grows. Experts in North Dakota say the market is trending that way, but they don’t expect it will happen until at least next year.

“Oil prices are trending higher into next year. Will oil prices have a chance at $100? Yeah. I’d give them two out of three chance. Because A: your continually improvement of world demand for oil will be on pace, and simultaneously, the US dollar will likely be weaker in the new year, as the federal reserve fails to concern itself with inflation,” said Eugene Graner, president of Heartland Investor Services.

Earlier this month, the oil conglomerate Russia, a part of OPEC+, decided not to increase production despite calls from the United States and other nations urging it to do so. Locally, experts say an increase in oil prices would be bad for consumers, but great for the state of North Dakota.

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