- The European Union (EU) is placing a strict ban on Russian oil.
- This has experts predicting higher gas prices.
- The U.S. average could hit $5 per gallon in the coming weeks.
Source: Carsten Reisinger / Shutterstock.com
Gas price predictions are a growing concern for consumers as a European ban on Russian oil is sending the price of crude oil higher around the world.
The war in Ukraine has already been affecting gas prices as the battle with Russia continues. That’s seen the price of fuel climb to its highest levels ever recorded in the U.S. However, today’s news means consumers are likely going to see those prices head even higher in the coming months.
The big news here is that the European Union (EU) has decided to ban 90% of Russian oil imports by the end of the year. Without Russian oil, countries in the EU will have to seek out other sources of oil. That will further stress oil supplies and further increase the price of oil.
So just how bad are fuel prices going to get? Let’s take a look at what some experts are expecting in a collection of gas price predictions below!
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Gas Price Predictions
- CNBC notes that the average price for fuel in the U.S. hit $4.62 per gallon today. It says analysts expect that price to rise further, potentially even reaching $5 per gallon.
- “$5/GAL? Soon perhaps. Current estimated target date for national average to hit $5/gal: June 17, 2022. Will revisit and update the target date as situation changes.” — Patrick De Haan, GasBuddy
- “With expectations of strong driving demand … US retail price could surge another 37% by August to a $6.20/gal national average.” –Natasha Kaneva, head of commodities research at JPMorgan, told Markets Insider
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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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