Gas price predictions for 2022 aren’t looking good if we believe one expert’s opinion on what’ll happen if Russia invades Ukraine.
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Dan Dicker, an energy analyst and founder of Energy Word, believes that the price of gas could soar to $7 per gallon if Russia moves forward with plans to invade Ukraine. That would be the result of prices for a barrel of oil hitting $150, which would be a new all-time high.
It’s not just the potential war in Ukraine that has the price of oil rising. Another factor to note is the U.S. entering the summer months soon. That means more travel and increasing demand for gas that will boost prices.
Even if we don’t see $7 per galling for gas in 2022, price predictions still aren’t looking good. Dicker thinks we could hit $5 per gallon if oil reaches $100 a barrel. To put that in perspective, oil prices were sitting at $92 a barrel on Thursday, reports the New York Post.
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So how are gas prices doing now? The current average price of gas in the U.S. is $3.528 for regular fuel. To put that in perspective, this is a 37% jump in price compared to the same time last year. However, it’s still a ways off from the highest average gas price of $4.114 per gallon reached in 2008.
With tensions overseas continuing to increase, it might be some time before we see gas prices on the decline. And if it really does all hit the fan in Ukraine, expect to pay much more for fuel than you are today.
Investors looking for more stock market news on Friday are in the right place!
We’ve got them covered with our daily deep dives into the stock market. For Friday, that includes Shake Shack (NYSE:SHAK) stock slipping on its Q1 2022 outlook, Fast Radius (NASDAQ:FSRD) stock getting a boost today, as well as Quanergy Systems (NYSE:QNGY) stock rising higher. You can get all these details from the links below!
More Stock Market News for Friday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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