Experts Predict Continued Rise in Gas Prices
Headline Roundup January 18th, 2022
Reports across the spectrum are highlighting industry experts and analysts who predict high gas prices to increase in the coming months.
The national average price of a gallon of gas has hovered around $3.30 for the past month. It was $2.39 this time last year, according to AAA.
Coverage of gas prices from left- and right-rated outlets has been similarly pessimistic in recent weeks.
Energy experts issued a stark warning to Americans on Friday: Get ready for higher gas prices this spring.
"This is the calm before the storm, and we're already going up," GasBuddy head of petroleum analysis Patrick De Haan said on "Varney & Co." "Most of the pain is going to come in March, April and May."
OPIS Energy analyst glob head Tom Kloza shared a similar outlook on "Mornings with Maria."
"I think it's going to be somewhere between the Super Bowl and Memorial Day, but it's going to happen quick," he told FOX Business’ Dagen...
President Joe Biden's 2022 is off to a dreadful start. Prices at the pump could make it even worse.
Crude oil has already zoomed back to two-month highs. Gasoline prices, which move with a lag, have stopped their muted decline. And they're starting to creep higher again.
The energy resurgence is only going to add to the economic anxiety gripping the United States and sinking Biden's poll numbers.
"This is a terrible situation. Gas prices are in this political danger zone," Helima Croft, head of global commodity strategy at RBC Capital Markets, told CNN.
Target CEO Brian Cornell said on Sunday that Americans will drive less and make fewer shopping trips this year because of expensive gasoline and accelerating inflation, Bloomberg reported.
"Some of the historical ways consumers react to inflation will play out again in 2022," Cornell said at an event held by the National Retail Federation in New York cited by Bloomberg.
"You'll drive fewer miles, you'll consolidate the number of times and locations where you shop," Cornell said at the event, per Bloomberg.
Shoppers are likely to eat at home rather than in restaurants, and...