Bloomberg’s gauge of raw materials was set for its biggest weekly gain since at least 1960 as sanctions on Russia scared off buyers. Coal racked up an unprecedented 80 per cent rally, European natural gas broke price records and oil futures swung in the widest range in three decades.
In just over a week, an almost unthinkable event has become the new reality for one of the world’s largest commodity exporters. Other major benchmarks have set records: European natural gas above 200 euros per megawatt hour; coal futures surpassing US$400 a metric ton in Australia; a key measure of the scarcity of diesel known as the prompt timespread reaching US$77.25 a ton.
We have been higher price per barrel, in 2008 we hit $145 a barrel. But, our dollar wasn't devalued so badly by Trudeau printing 700 Billion, our dollar was over parity. We are a petro dollar, but Trudeau devalued our dollar 30% and that adds .32 cents plus .11 cents carbon tax
This is artificial there is plenty of oil in the world. There are enough oil reserves for another 50 years. This is OPEC war profiteering .