Here's Why Crude Oil Is Over $80 Per Barrel
On Jan. 5, General Motors (NYSE: GM) was showing off its shiny new Chevy Silverado electric vehicle (EV) at CES in Las Vegas. Ironically, the price of crude oil has been hitting multiyear highs in the days that have followed. It's an interesting contrast. Profits for both EV companies and oil companies are surging.
In this video from Motley Fool Backstage Pass, recorded on Jan. 6, Fool contributor Travis Hoium explains to fellow contributor Jon Quast what's driving the high price of oil right now. And the question remains whether oil companies will increase production to increase profits or whether they'll push consumers toward EVs by allowing oil prices to remain elevated.
Source Fool.com
