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Goldman Sachs expects oil prices to surge to nearly $140 a barrel this summer — but it will feel like $160 (Summer Gas price to Increase by 33%?)(
MarketWatch Business Insider ^ | June 7, 2022 | Joseph Adinolfi
Posted on 6/7/2022, 12:31:52 PM by Mount Athos
Consumers desperate for relief from the scourge of sky-high gasoline prices won't get it soon.
In an update to their outlook for oil prices over the next 12-18 months, the team at Goldman warned that they now expect oil prices to rise to nearly $140 a barrel as early as this summer.
But to American consumers, it will feel more like oil is trading at $160 a barrel as limited capacity at the refineries that process crude into petroleum products like gasoline and jet fuel continue to struggle to ramp up their processing capacity swiftly enough to satisfy growing demand.
The price of oil has already surged more than 50% so far this year, driving the average price of gas in the U.S. to a record of nearly $5 a gallon, according to AAA. On Tuesday, the international and U.S. crude oil benchmarks — were trading near $120 a barrel.
And although the longest global oil supply deficit on record ended in April after nearly two years, the Goldman team expects a resurgence in Chinese demand will more than offset the surprising durability of Russian crude exports. ….