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 ...
“It ain’t gonna happen”.
I knew you’d say something like that and I couldn’t agree more.
I don’t see increased capacity because of the environmentalist opposition to increasing capacity. They can’t have it both ways.
You shore did, Slow Joe!
You’re right. There is already a shortage of available tractor and farm implement parts.
$5.00 Gas? Welcome to the party, Pal!
Thanks.
5.56mm
I’m expecting $6 gas before we send Bidet packing.
3.39 in S. Jersey.
I’ve got a 500 gal heating oil tank.
“I’ve got a 500 gal heating oil tank.”
YaButt, you don’t have to fill it every 500 mi.
Usually they come and tap it off at 350 gal. Once they forgot and it took 495 gal. If I recall my bill that time was 1600 dollars
“...my bill that time was 1600 dollars...”
Youser!....
[Fortunately? that could help your credit rating.....]
Pacemaker for me on Monday. Raise me?
You are spot on.
I’d just assume not.
Democrat leftist are gonna get shellacked next year. They will lose the house and hopefully the senate.
$2.89+- Down in the Houston area
Won’t mean much if all we do is re-elect Assistant Democrats.
The Kenyanesian Usurper corrupted our entire government and stuffed it full of communists.
I started the Jeep on Ethanol Free fuel in May 2019, when it was new. Runs so much better.
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