If you thought that the pain at the pump couldn't possibly get any worse...my friend, you were wrong:
Drivers relieved by the recent dip in gas prices may be in for a shock when the summer winds down, with energy analysts warning a fresh round of price surges could emerge as soon as October. ...
The price concerns are tied to the timeline for stricter sanctions on Russia that will further choke the global oil supply. J.P. Morgan has warned that in a worst-case scenario — in which Russia retaliates by shutting down its supply altogether — the price of oil could jump to $380 per barrel, more than triple what it is today.
"If you were to ask me where could oil prices go, I would say pick a number," said Michael Tran, managing director for global energy strategy at RBC Capital, who says that while the outlook is murky, several indicators point to a price rebound. "This is the tightest oil market we have seen in a generation or more."
We've all been so excited to see gas prices go down a little bit...
...that we haven't been thinking of how they may very well go up-up-up again:
Even the Biden administration—which has very good reason to try and put on a happy face about all this—is not optimistic:
An internal U.S. Treasury analysis projects that could send the price of oil soaring 50 percent above where it is today. Some market analysts are warning of potentially steeper climbs, which could push gas prices beyond $6 a gallon.
Buckle up, folks—oh and drive slowly after you do, you gotta conserve every drop of $18/gallon gas.
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