Yes, they are rising. A combination of factors. OPEC sets the prices by manipulating the supply. Right now, they are having issues with meeting demands with regards to transportation,...shipping dock workers and truck drivers are in short supply. Further complicating things is that we are at a point in this transition from fossil fuel to renewable energy, and several major banks are no longer investing in oil futures. This is going to be a bit of a "bumpy road" because the prices for petrol/gasoline are going to rise significantly whilst the transportation sector is struggling to create an effective charging network for the electrical vehicles (EVs) that will replace the internal combustion engine (ICE) vehicles, and the cost of EVs is still relatively high for the working class. Granted, this transition will occur very quickly, and the scales of economy will allow for a quick drop in EV prices,...I wouldn't worry about that right now. I wouldn't worry about the electrical grid, either,...we have been adding capacity at an astounding rate,...and all those oil pump jacks and oil refineries suck up a ton of electrical power,...once those start slowing/shutting down,...more electricity for the grid. What this creates is a transient increase in the cost of a barrel of oil,...good for short-term investors looking to make a quick buck over the next few years, but the amount of oil for burning will quickly drop over this decade. Oil will still be around,...it is still the main building block for all things plastic. People will still have old ICE cars for a while, but the cost of fueling them may become cost prohibitive once the price point for EVs drops below that on an ICE vehicle and the cost of operating an EV is significantly less than an ICE vehicle. Autonomous driving software is also rapidly developing, which means ride-share companies will really take off and expand to the point where you just call for a car,...and you don't have to own one. A lot of things are going to change in our lives before 2030,...sort of like how personal computers and cell phones did in the 1990's and early 2000's.
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