Sticker Shock… Brace Yourself for $5 Gas and $100 Oil

americanconsequences.com ^ | October 21, 2021 | By Trish Regan

[Hojczyk]

Gas prices have spiked to their highest level in seven years, according to an AAA report just released this week.

In some of the priciest gas stations in the U.S., a gallon is already costing $4.50 (or more)… up significantly from just a week ago.

And all indications point to prices rising even higher as we head into the winter heating season…

In fact, former White House economist Stephen Moore told me in this week’s podcast that he predicts “$5 oil at the pumps quite soon.”

You may remember that back in June, I wrote you could expect $75 to $100 oil before the end of the year, and, sure enough, we’re already there. The price of the key U.S. oil benchmark is around $82 a barrel as I write. And Brent crude oil – the international benchmark – is at multiyear highs as well… It’s around $84 per barrel today.

Oil has a direct correlation to gas prices, naturally, so Americans should be prepared for this inflation… at the gas pump and elsewhere.

Oil producers are clearly wary about the current regulatory environment, and they aren’t racing to replenish the low supply.

We can see evidence of this in the futures markets, too. The Wall Street Journal reported over the weekend that traders are betting the U.S. oil benchmark will surge above $100 a barrel this year, with some betting that the global benchmark, Brent crude, will reach a record high of $200 a barrel by December 2022. The article also warned of expected volatility…

[Lurkinanloomin]

This is what both parties cheated Trump out to get.

[dragnet2]

My buddy trying to escape CA told me it’s already basically 5+ dollars per gallon.

Just paid 3.08 in AZ.☺

[TexasFreeper2009]

Biden = Carter 2.0

[Justa]

$3.33 in Tampa.

[TexasFreeper2009]

this time ... with alzheimer’s

[Roadrunner383]

Yeah and food prices are on the rise also. The good news is that if you don’t need to eat or go anywhere you should be ok.

[Paladin2]

I just yesterday became closely acquainted with a vehicle equipped with a 36 gal gas tank.

Good thing I have a Home Equity Loan/Account.

[God luvs America]

So make sure you cash in- if you have money in a 401K, annuity or mutual funds, get into a natural resource fund(s) now!!!

[Organic Panic]

“they aren’t racing to replenish the low supply. “

WHAT HORSE HOCKEY!!! They CAN’T even if they wanted to with this demented chomo in office.

[hardspunned]

Paid $5.15 gallon in Mammoth Lakes last week.

[bankwalker]

5.00 in over regulated CA ... 3.60 in most other places ...
hype, hype, hype

[elpadre]

$5:00 gasoline was Obama’s goal and Biden got it for him like a good puppet. The purpose is to get gas high enough that the people would beg for EV’s.

[Signalman]

Pain at the pump: Biden admits
“I don’t have a near-term answer’ for high gas prices”.

https://nypost.com/2021/10/21/biden-admits-i-dont-have-a-near-term-answer-for-high-gas-prices/

[joethedrummer]

Anyone remember 0bama PROMISING we were in for this??

Coincidence?…. Yeah… just a coincidence…

[Carriage Hill]

I’ve been paying $5.05 - $5.14/gal for Ethanol-Free 90oct for my Jeep Grand Cherokee HEMI V8, for over 3 weeks.

[M Kehoe]

Hi.

If there are any Uber and lyft drivers on the forum, can you tell me when you hit break even? No matter what state.

$4.00 a gallon?

Thanks. I’m just checking on future availability.

5.56mm

5.56mm

[Lurkinanloomin]

The meat puppet is much worse than Carter.

Carter didn’t hate America.

[Sacajaweau]

But wait...Biden will save us with price controls.

He sure knows sh** about economics.

[AndyJackson]

with alzheimer’s

and wokeness.