Bank of America warned Americans that gas prices may soar significantly higher than their current record-setting levels by June of next year. The national average cost at the pump is $3.41 for standard gasoline and $4 for premium.
Bank of America recently predicted that Brent crude oil, the price of which determines gasoline prices, will jump to $120 per barrel by the middle of next year if Biden doesn’t change course soon. The cost figure is a staggering 45% higher than todays already painful prices.
Bank of America’s head of global commodities, Francisco Blanch, spoke to CNN about the company’s prediction, noting that in June of 2021 he predicted that oil would reach $100 per barrel. Blanch said that when he made the earlier prediction, he received feedback that he was “crazy,” but now that figure seems conservative. He warned that in an economic situation where “demand conditions are tight” the price of oil is very prone to shoot up quickly and dramatically.
According to an Associated Press poll conducted last week, a full 65% of Americans claim that the economy is in poor condition under the direction of Democrat President Joe Biden. NBC News also conducted a poll that found 60% of Americans blame Biden’s poor stewardship for the malfunctioning economy.
On Tuesday, the president tried to pin the blame for rising gas prices on other countries, claiming that it was their responsibility to help relieve pressure on Americans at the pump.
Biden said that the blame lies entirely with “Russia or the OPEC nations,” who are not increasing oil output despite the president’s begging.
Chairman for the Senate Energy and Natural Resources Committee, Senator Joe Manchin (D-WV), rebuked the president’s statement on Wednesday, saying that America could absolutely be doing more for itself. He suggested that pipelines be constructed to tap America’s natural resources such as natural gas and oil. Manchin said that his home state of West Virginia has a gold mine of natural gas that’s waiting to be gathered. He also proposed drilling for oil rather than “depending on OPEC.” Manchin argued that America can and should be energy independent.
Author: Andrew Rogers