Posted on 10/23/2021 1:54:57 PM PDT by 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…
(Excerpt) Read more at americanconsequences.com ...
Haven’t had to do that since 1993. A 500 gallon monster in the basement. Sympathy offered.
Thanks.
5.56mm
Because Democrat progressives said gas should cost $5 a gallon and people were dumb enough to forget that.
But no more mean tweets!
Prepare yourselves as best you can.
PING!
A friend sent me a picture of a sticker he saw on a gas pump in Reno with an image of Biden saying this.
Some stations at $4.99 here in Reno.
Biden: “Well, I could lower gas prices about 18 cents by drawing from the Strategic Oil Reserve, herrrr-derrrr!”
In reality, that would probably make them go higher. Withdrawals from the reserve seem to make traders nervous.
“Why is it that in 2008 when oil was at its highest price ever at about $147/barrel gas was just over $4/gallon, but now that oil is about $82/barrel gas is almost $5/gallon?”
Oil shot up very quickly from well below 147, hit it for a few days and dropped rather quickly to $27 a barrel.
And gas isn’t at a almost $5 a gallon in the vast majority of the country.
Oct 20, 2021 · Price as of 10/16/21. Today’s AAA. National Average. $3.314.
At Sam’s club in bullhead city az I paid $ 2.97.9 for the high test.
We drove out of south Dakota where we paid $ 4.07 for high test, $ 4.37 in Wyoming and utah
In North Phoenix, it’s right around $3.50..at least where I live.
None of this is Biden. The commies in government are now controlling everything...every branch of government is headed by a Democrat commie or moles (like Lois Lerner) already ingrained.
Every part of government is commie controlled no matter who is elected.
Just look what they've done to an American loving rich guy like Trump.
AntiTrumpism seeps/oozes from everywhere....everywhere.
Great points.
Won’t the power plants need to increase capacity to accommodate the demands for EVs?
I heard something about that the other day. All of these high prices and shortages are going to hit everyone much harder than they realize.
I dont know where your at but it about that here in the valley.
Except..
We tend to lag behind. I expect to pay in excess of 4 by Christmas.
$3.29 Ohio & $3.19 just over the border in Michigan
That’d be Golden Valley.
Yes, you do, you brain dead, turnip head.
Americans...you embraced Democrat, Empty Suit, Criminal, Air brain, Butt Wipe, Joe ‘Hunter” Biden as your true...POTUS!!! Now...no complaints from you...you all own him, excuse me he owns you!!! How dumb can you folks be???
What happens to those funds when the energy sector is nationalized?
It’s not just oil.
I have two mineral rights for nat gas that pay monthly. Total checks between the two a few months ago were running about $250. Just got this month’s checks, the total is almost $700.
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