Energy Commodity Prices Increased by 59 Percent in 2021, Energy Information Agency Reports

The prices of energy, crude and gasoline all increased in 2021 from 2020, the U.S. Energy Information Agency reports. Prices increased because of higher demand and a range of other factors.

By the end of 2021, commodities on the energy index traded 59% higher than they did on the first trading day last year on the S&P Goldman Sachs Commodity Index (GSCI), the EIA reports.

GSCI is a commodity index that tracks the performance of global commodities markets. It’s a weighted average that’s updated every year. In 2021, the energy index comprised 54% of the GSCI, with the two crude oil benchmarks, the West Texas Intermediate (WTI) and Brent, accounting for approximately 70% of the energy index. WTI crude oil accounts for the largest share of the overall GSCI of more than 21%.

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Gas, Other Consumer Prices Spike in First Quarter of 2021

The Bureau of Labor Statistics released data Tuesday showing a sharp increase in consumer prices, especially gasoline, as many Americans struggle to make ends meet.

March saw a 0.6% increase in consumer prices, the largest spike in nearly a decade. That increase can be attributed in large part to a rise in inflation.

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