A veteran analyst is warning that Americans could soon see gas prices as high as $7 a gallon, as Russia appears to be gearing up to invade Ukraine, and after years of under-investment by the oil industry.
“My guess is that you are going to see $5 a gallon at any triple-digit [gas prices]… as soon as you get to $100 [a barrel]. And you might get to $6.50 or $7 [a gallon],” Energy Word founder Dan Dicker told Yahoo Finance.
Crude oil has risen by 13% in the past month to $94 a barrel, with analysts blaming Russia for at least some of the increase. Russia produces 10 million barrels of oil a day, or 10% of global demand. Any decrease in that production due to its geopolitical moves could push gas prices even higher.
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7 Responses
As mentioned by a different poster
Biden can easily fix this by reopening the keystone pipeline
$7 A GALLON Only makes the massive Red Tsunami approaching this November even Redder & Rosier
Why can’t we further develop the Keystone Pipeline?
Please Biden, continue shooting Americans in the foot by not allowing US oil production in order to make nut jobs like Kamala happy
No reason to panic, as Jenny Psaki mentioned a year ago, that’s what the stimulus check was for.
Lololololo-lollipop.
The current government in the US thinks that is a feature, not a bug. The Democrats believe that higher gas prices will result in cooler temperatures, and in any event the “cool” people will have nice expensive electric cars and only “deplorables” will be left with oil powered ones.
The US can have lower gas and oil prices whenever the government gives a green light to increased production and increasing pipeline capacity. The higher prices are a policy decision, not the result of events overseas or the working of free markets.
Oil executives:”Let me keep raising prices and making massive profits. I have every single Trump cultist on my side. “