Expensive oil – level 2

Expensive oil

10-03-2022 07:00

Oil prices are growing. On Monday, they were the highest since 2008. The price of crude oil is the reason. The highest price in history was in July 2008, when it reached 147.5 dollars for one barrel.

On Monday, the price was 139 dollars. Experts thought that the war in Ukraine could mean that oil would be even more expensive. The US and EU planned to stop oil imports from Russia, as one of the punishments against the country. This would probably mean that there would be less oil. As a result, the prices of oil could jump from $100 to $200 for one barrel.

Oil prices increased the prices of fuel, too. Companies just started to recover from the pandemic, and this could bring new problems for them.

Difficult words: crude oil (natural oil as it comes from the ground), barrel (a container of 159 liters), import (to bring things into a country from another country and sell them).

You can watch the original video in the Level 3 section.

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