MIGHT go up 10%?
Think again. OPEC set the precedent in 1973 shortly after the Yom Kippur War. They used the pretext of retaliation for support for Israel, but in reality, the US had controlled the Saudi Reserves since they and the British developed them. They decided that they were giving away their reserves to a foreign entity, so they ‘embargoed’ the US. I remember that the price of oil shot up from $3.50 per barrel to about $40 per barrel, almost overnight. Gasoline, which is your question, went from about 80 cents per gallon to nearly $3 per gallon in short order. So it could rise to any level. The fact is that the Bidenites have decided to kill all oil and gas production, so there will be more pressure on diesel and other products, which RUN the country’s commerce. Good Luck! Plan accordingly.
Gas prices have already gone up 10%.
I’m thinking short term that 10% would be the max if it hasn’t already hit a short term high. Long Term continued economic malaise will probably hurt oil bringing it into the 70s. Putting my money where my mouth is I sold Suncor today off its lows. Let’s see if I made the right move.
“Another is to lobby hard for passage of the No Oil Producing and Exporting Cartels bill, which would penalize other oil-producing countries by opening them up to antitrust suits.”
That’s a real smart one....This admin is more amateurish than Obama’s.