Oil and Natural Gas: Oil remains above $70.00 for now The oil and natural gas industry has been a major player in the global economy for decades. With the increasing demand for energy, the prices of oil and natural gas have been fluctuating over the years. Recently, the price of oil has remained above $70.00 per barrel, which is a significant increase from the lows of 2020. The rise in oil prices can be attributed to several factors. Firstly, the global economy is recovering from the COVID-19 pandemic, which has led to an increase in demand for oil. As countries reopen their economies, there is a higher demand for transportation, which requires oil. Additionally, the increase in demand for goods and services has led to an increase in the demand for oil in the manufacturing sector. Secondly, the Organization of the Petroleum Exporting Countries (OPEC) and its allies have been limiting their oil production to support the prices of oil. This has been a deliberate move to prevent a glut in the market, which would lead to a decrease in oil prices. The decision by OPEC+ to maintain production cuts has been a significant factor in the rise in oil prices. Thirdly, the recent cold weather in Texas has disrupted the production of oil and natural gas in the state. This has led to a decrease in the supply of oil, which has contributed to the rise in oil prices. The cold weather has also led to an increase in demand for heating oil, which has further supported the prices of oil. However, the rise in oil prices may not be sustainable in the long term. The increase in demand for oil may be temporary, as the world transitions to renewable energy sources. Additionally, the increase in oil prices may lead to an increase in the production of shale oil, which could lead to a decrease in oil prices. In conclusion, the oil and natural gas industry remains a significant player in the global economy. The recent rise in oil prices can be attributed to several factors, including the recovery of the global economy, the deliberate production cuts by OPEC+, and the recent cold weather in Texas. However, the rise in oil prices may not be sustainable in the long term, as the world transitions to renewable energy sources.