iPolitics By iPolitics. Published on Jan 15, 2021 12:55pm (Pexels photo) The Lead Lower temperatures across the northern hemisphere are causing oil prices to rise, especially in Europe, CTV News reports. “Europe is the largest consumer of oil products, as we speak,” said Faisal Karmali, with the Popowich Karmali Advisory Group. “We’re probably going to see the price of oil shoot up even further, (to) $55 or $57 (per barrel), given the weather. That will impact short-term energy stocks and, potentially, the royalties coming to Alberta.” BNN Bloomberg reports that households outside Europe, from Japan to Pakistan, are being asked to reduce their electricity use.