It’s as if President Brandon’s approval rating and the price of gas are inversely correlated; since the end of 2020, one has been in free fall and the other has shot to the sky. Can you guess which is which?
In fact, the price of gasoline has risen by 55% since December of 2020, according to Fortune. That outlet reported that:
As of Friday, that WTI contract price stands at $69.62 per barrel—up 52% from December 2020. That has also translated into higher prices at the pump. The average U.S. regular price of $3.34 per gallon is up 55% since December 2020.
55%! It now costs you 55% more to fill up your tank.
Unfortunately, that might be just the beginning of the massive increase in the cost of fuel. Goldman Sachs, for example, estimates that the price of oil might increase yet further, with the price of a barrel of oil potentially reaching $150, or maybe even $190, over the next couple of years.
However, there could be some light on the horizon, as other estimates, some of them even coming from Goldman, are much lower. Some are low enough to even indicate a cost decline, according to Fortune:
But the U.S. Energy Information Administration (EIA) doesn’t agree. Instead, the government agency is predicting (see chart above) that the WTI price per barrel will drop to $62 by the end of 2022, and Brent oil contracts will fall to $66 per barrel. The reason? EIA says the supply and demand mismatch for crude will ease in 2022.
“We forecast that rising production from OPEC+ countries and the United States will lead to global liquid fuels inventories increasing and crude oil prices falling in 2022,” wrote EIA researchers in their 2022 outlook. “Low crude oil inventories, both globally and in the United States, have put upward price pressure on near-dated crude oil contracts, whereas longer-dated crude oil contract prices are lower, likely reflecting expectations of a more balanced market.”
So, it remains to be seen if oil prices, and thus gas prices, will continue to rise precipitously, or if an easing of supply pressures and an increase in output will gradually lower the price.
If Brandon’s anti-energy policies are any guide, then prices will likely to continue to go up, but it’s possible that public anger over the massively inflated price of fuel could push him and his lackeys toward energy-friendlier policies. Plus, as Fortune and EIA say, it is possible that OPEC and American output increases could ease the problematic price increases.
This story syndicated with permission from Will – Trending Politics
Notice: This article may contain commentary that reflects the author's opinion.
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