Some Experts Say Gas Prices May Reach $7 A Gallon. Here’s Why.
I don’t know how it is where you are, but I’m going to have to take out a small loan just to cover gas prices to get me from my house to work everyday.
Inflation is NO JOKE, man. Everything that is everything is going up in price. I expected gas prices would go up, but this is ridiculous!!
Some experts are warning that this is just the beginning of the gas price increase, and that is NOT the news I wanted to hear today.
Gas prices were already going up, but NOW there is this Russia-Ukraine scandal where the tension is escalating. If all out war breaks out over there, we can expect gas prices to soar — it just happens that way with the world markets.*
Also, we are headed into the warmer months where people begin to leave their winter hibernation, and start to travel. We ALWAYS see gas prices go up, up, up in the summer.
But, put those two things together? Yikes.
My guess is that you are going to see $5 a gallon [when we hit] triple-digit [oil prices] … as soon as you get to $100.
According to an energy markets analyst
Just to put that into a little perspective for you — gas was $92 a barrel this week. We are knocking loudly on the door of that triple-digit number.
$5 a gallon is childsplay. The price of gas could easily soar to over $7 a gallon if the oil prices reach $150 a barrel.
If this happens, oil will be the most expensive it has ever been.
It’s going to be the 2008 financial crisis all over again. Please. I don’t want to go there again.
Remember that mess? During that time, gas prices peaked at over $4 a gallon.
BUT, we are going to WISH that gas was $4 a gallon if the barrel prices keep going up like they are.
(Currently, we are sitting at $3.52 per gallon nationally. If you remember, just a month ago, the national average for gas was about $3.35 a gallon.)
Yesterday the Russian government said it was withdrawing troops from the border with Ukraine. They received a lot of attention for that claim, both here and around the world. But we now know it was false.
US Official
Word is, Russia is actually INCREASING troops along the Ukraine border, and the leaders of the world are trying to stop what’s to come.
Russia is one of the world’s largest producers of crude, accounting for some 10% of global demand. It is also Europe’s largest supplier of natural gas, which is critical for generating heat and electricity.
New York Post
All this to say — get ready for higher gas prices on top of everything else that has inflated in price. It looks like we aren’t going to be taking any road trips this summer!
*Side Note: If you don’t know about the Russia-Ukraine tensions, there are a sh** ton of Russian troops camped out on the Ukrainian border, ready to go — they just need the word from Russia’s President Vladimir Putin. This is a conflict that has been going on since 2014, but it’s ready to explode.
