https://sputnikglobe.com/20220626/energy-analyst-says-we-could-see-apocalyptic-gas-prices-this-summer-1096663824.html
Energy Analyst Says US Could See 'Apocalyptic' Gas Prices This Summer
Energy Analyst Says US Could See 'Apocalyptic' Gas Prices This Summer
Sputnik International
Gas prices hit a record high last month, topping $5 a gallon. But one analyst says it could get much worse. 26.06.2022, Sputnik International
2022-06-26T03:05+0000
2022-06-26T03:05+0000
2022-06-26T18:31+0000
gas prices
diesel
inflation
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OPIS energy analyst Tom Kloza says that Americans can expect gas prices to go above $5 a gallon again later in the year, and they could potentially get much worse if we have an active hurricane season that disrupts oil production.Speaking to Fox Business’ “Mornings with Maria” on Friday, Kloza said that Americans can expect “apocalyptic” gas prices in August if the tropical season is active. He also stressed that increases in gas prices for diesel and jet fuel would be most catastrophic for Americans.Hurricane season started on June 1 and ends on November 30, though those dates are a guideline and not a hard rule. Hurricanes can and do come before and after hurricane season. Previous to this season’s start, predictions from the National Oceanic Atmospheric Administration forecasted a 65% chance that we will experience an above-normal Atlantic hurricane season this year. The last six years were classified as above-normal hurricane seasons.Kloza was speaking about a meeting between the Biden administration and oil executives that took place on Thursday. Both sides expressed optimism about the meeting, calling it “constructive” and “productive.” Kloza said he heard a productive element of the meeting was a potential decision to lower gasoline standards for the summer months, a move he praised but said is likely to be wiped out by other factors in the long run.National average gas prices have dropped eight cents since Monday, now sitting at $4.908 after rising to a record high of $5.016 last week. The current price is still nearly $1.90 higher than it was a year ago, according to AAA.
https://sputnikglobe.com/20220624/us-consumer-sentiment-at-new-record-low-amid-runaway-inflation---umich-poll-1096644067.html
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gas prices, diesel, inflation
gas prices, diesel, inflation
Energy Analyst Says US Could See 'Apocalyptic' Gas Prices This Summer
03:05 GMT 26.06.2022 (Updated: 18:31 GMT 26.06.2022) Gas prices hit a record high last month, topping $5 a gallon. But one analyst says it could get much worse.
OPIS energy analyst Tom Kloza says that Americans can expect gas prices to go above $5 a gallon again later in the year, and they could potentially get much worse if we have an active hurricane season that disrupts oil production.
Speaking to Fox Business’ “Mornings with Maria” on Friday,
Kloza said that Americans can expect “apocalyptic” gas prices in August if the tropical season is active. He also stressed that increases in gas prices for diesel and jet fuel would be most catastrophic for Americans.
“I think for gasoline, we go back above five, and apocalyptic numbers come into play with hurricanes. The thing that people have to watch and is really insidious for inflation are the values for diesel and jet fuel. Stocks of those fuels are not building.”
Hurricane season started on June 1 and ends on November 30, though those dates are a guideline and not a hard rule. Hurricanes can and do come before and after hurricane season. Previous to this season’s start, predictions from the National Oceanic Atmospheric Administration
forecasted a 65% chance that we will experience an above-normal Atlantic hurricane season this year. The last six years were classified as above-normal hurricane seasons.
Kloza was speaking about a meeting between the Biden administration and oil executives that took place
on Thursday. Both sides expressed optimism about the meeting, calling it “constructive” and “productive.” Kloza said he heard a productive element of the meeting was a potential decision to lower gasoline standards for the summer months, a move he praised but said is likely to be wiped out by other factors in the long run.
National average gas prices have dropped eight cents since Monday, now sitting at $4.908 after rising to a record high of $5.016 last week. The current price is still nearly $1.90 higher than it was a year ago, according to AAA.
