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February 19, 2022

Uh Oh: Get Ready For Rising Gas Prices

Amid record-breaking inflation rates, the ongoing Russia-Ukraine situation might lead to Americans having to pay even more at the pump.

The uncertainty surrounding oil markets and the world’s third-largest oil producer, Russia, has already driven prices up.

As of Thursday, oil was at about $92 per barrel, but experts say those prices could skyrocket — greatly impacting gas prices.

Claudio Galimberti, senior vice president of analysis at Rystad Energy, said he wouldn’t be at all surprised if prices reach “$100 per barrel in the next few days.”

Galimberti said that if Russia does invade Ukraine, prices will go even higher, noting that Ukraine could strike back by sabotaging a key pipeline.

“The geopolitical risk premium will be even higher than it is right now,” he said.

Galimberti said these increases would eventually reach consumers at the pump, noting summer gas prices may be “well above” $4 per gallon.

Giovanni Staunovo, a wealth management commodities analyst, said that low inventories in oil and gas worldwide cause markets to be “very sensitive to any disruption (real or perceived).”

Some lawmakers say President Joe Biden’s policies make the country more dependent on foreign oil producers like Russia.

“The United States is one of the greatest producers of energy out there. And yet under the Biden administration, he has made us ever increasingly dependent upon Russia,” said Sen. Joni Ernst (R-IA), a member of the Senate Armed Services Committee.

“The United States has increased its imports from Russia to 202,000 barrels a day from Russia. That’s the highest it has been in 11 years. And again, we are one of the largest producers of energy right here in the United States, so why on earth are we ratcheting down on our energy independence and becoming increasingly reliant upon an autocratic thug, Vladimir Putin?”


Source:

Russia crisis threatens to worsen Biden’s gas price problem

5 comments on Uh Oh: Get Ready For Rising Gas Prices

  1. Gerald Ladd says:

    We went from a net energy exporter, thanks to Trump, to blow hole Joe begging the Russian’s for fuel. All brought to by a blithering idiot put in the WH with voter fraud.

  2. WRE says:

    It’s not the “blithering stroke victim” that’s causing all this… it’s the cabal of traitors, puppeteers and international money masters… that orchestrated the fraudulent election…who are now running things!!! Brandon is just along for the ride!!!
    However, they know their day of destruction is rapidly approaching and are desperately trying to avoid the inevitable!!!

    1. Mikemarkca says:

      No, it’s the guy who closed down the gas line projects and all the new oil leases, who made us once again beholden on OPEC.

  3. MikeMarkCA says:

    To bad America isn’t energy independent, too bad we closed the gas line projects and new drilling.
    Thanks Joe, great job!

  4. Robert Feldman says:

    joe Biden and his “shadow government” has done a great job in destroying the American economy. They seem hell bent on doing everything that is counter intuitive to anything that is good for the country. We can only pray that the Durham Report will expose them for the frauds that they are, and going forward, we are able to gain control in November/2022. It is clear as the nose on your face that radical left wing scum are selling our country out to China for big pay outs. I pray that they are exposed and pay heavily for thier crimes against our country!

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