Gasoline prices could leap to a 2-year high this spring
Gasoline prices could see a significant springtime jump of 20 to 45 cents per gallon, pushing retail pump prices to their highest level since June 2015, according to a widely followed gasoline analyst.
Tom Kloza, global head of energy analysis at Oil Price Information Service, said he sees several factors combining to push up prices — anticipated higher crude prices, higher demand from U.S. drivers and a higher level of gasoline exports. According to AAA, the national average for unleaded gasoline was $2.30 per gallon on Thursday.
"I'm not looking for consumers around the country to pay $3 or more, but I am looking for a noticeable increase that would put us 25 or 40 cents above the peak of last year, which was about $2.38," he said. That level was reached in June.
Kloza said macro factors support higher gasoline prices, including high employment, consumer purchases of SUVs instead of more fuel-efficient cars and strong consumer confidence, which jumped to a 16-year high this month.
"In looking back, I think we'll see retail prices that will be very similar to what we saw in 2015, when pump prices topped around $2.80 a gallon," he notes.
"Wherever we get to, it will represent an overreaction and we'll tend to slide lower in the last 100 days of 2017. But one can see where expenses for consumers may be $25 or so per month higher than they were during similar periods in 2016."
https://www.msn.com/en-us/money/markets/gasoline-prices-could-leap-to-a-2-year-high-this-spring/ar-BBz4fcG?li=BBnbfcN&ocid=edgsp
= new reply since forum marked as read
US oil inventories are at near record highs and there is no guarantee the OPEC production cuts will hold.
There is NOTHING out there to drive oil higher.
Lol, I;d ask what stocks he likes and then short them hahahahaha...
