With gas prices rising and impacting the wallets of Americans everywhere, a noted energy strategist is warning that things could soon get much worse due to the brewing threat of conflict between Russia and Ukraine, in addition to years of under-investment by the oil industry.
The Energy Word founder Dan Dicker said that global conditions could soon contribute directly to gas prices potentially hitting as high as $7 per gallon. Yes, you read that correctly… $7 per gallon.
“My guess is that you are going to see $5 a gallon at any triple-digit [oil prices]…as soon as you get to $100,” he said. “And you might get to $6.50 or $7. Forget about $150 [a barrel], I don’t know where we will be then.”
Dicker noted that geopolitical tensions between Russia and many other nations as of late have caused the cost of oil to climb massively, with the price per barrel now having the potential to climb shockingly higher than $150.
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Currently, crude oil is $94 per barrel, after having jumped 13 percent in just the last month. Russia, one of the world’s leading oil producing countries, contributes approximately 10 percent of global demand, producing about 10 million barrels a day. Experts worry that geopolitical issues related to tensions with Ukraine could possibly disrupt Russia’s output, which would serve to drive prices for oil up significantly.
Gas prices are already at uncomfortably high levels for Americans as of late; costs at the pump have increased for seven weeks straight, with the national average of a gallon having increased 16.5 cents from last month and 97.2 cents year-over-year. Currently, the average price per gallon nationally is $3.47 and rising.
Another cause for alarm when it comes to gas prices is the fact that most fuel providers typically begin the transition to summer gasoline this time of the year – a process that normally takes several months to implement – due to increased demand at the pump, which is also expected to raise prices. Recent power outages at Texas oil refineries due to cold weather may also contribute to price increases, experts say.
Ultimately, motorists are advised to prepare to dig deeper in the near future if they wish to keep their cars rolling.