You ain’t seen nothing yet, according to one expert, for Americans who are astonished by the current high price of fuel.
According to an energy markets analyst, gas might hit $7 per gallon if Russia-Ukraine tensions worsen and demand rises even more as the weather warms and more Americans hit the road.
“My guess is that at any triple-digit [oil prices], you’ll see $5 a gallon as soon as you get to $100,” he said. (On Thursday, oil prices were around $92.)
“And you might get to $6.50 or $7,” Energy Word founder Dan Dicker told Yahoo! Finance Live if oil prices exceeded $150 a barrel.
Oil prices, according to Dicker, might hit $150 per barrel, which would be the highest ever recorded.
According to an energy markets researcher, if the worldwide price of oil exceeds $150 per barrel, gas prices might approach $7 per gallon.
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The last time crude was this expensive was in 2008, when the globe was engulfed in a global financial crisis. At the time, the price of a barrel of oil had risen to $147 and the price of gasoline had risen to $4.09 per gallon.
Analysts say there is no evidence of demand lessening, and OPEC — the Organization of Petroleum Exporting Countries — has shown little willingness to increase supplies.
If Russia invades Ukraine, the West may retaliate by imposing sanctions on Moscow, putting more strain on oil supplies.
Russia is one of the world’s top crude producers, providing about 10% of worldwide demand. It is also Europe’s largest natural gas supplier, which is needed to generate heat and power.
The national average price of a gallon of gasoline was $3.52 on Thursday, up 22 cents from a month ago and more than $1 higher than a year ago.