Oil Analyst Blasts Biden Energy Policy and Predicts 45 Cent Increase in Gasoline Prices
Will this presidential election be the most important in American history?
Oil analyst Stephen Schork blasted President Biden over his energy policy and predicted gasoline prices can increase an additional 45 cents in the coming months.
During an interview on Yahoo Finance, Schork said it’s possible for oil to reach $100 a barrel and the cost of oil companies switching to summer blends will result in his estimate of a gasoline price increase of 40 to 45 cents per gallon in the summer.
Yahoo Finance video:
“We’re forecasting… a 13% probability that oil will be above $100 a barrel by the start of the summer,” @schorkgroup Principal Stephen Schork says. “We’re looking at a potential 40 to 45 cent increase in gasoline prices as we get ready to head to our summer vacations.” pic.twitter.com/xHR3oHjnrL
— Yahoo Finance (@YahooFinance) January 19, 2022
Schork also slammed Biden’s energy policy saying, “The White House is doing everything they can to keep and propel oil prices higher,” and he called Biden’s decision over releasing 50 million gallons of gasoline from the Strategic Petroleum Reserve to lower prices “a political stunt.”
He also noted Biden’s energy policy is discouraging capital investment in oil production.
CNN noted rising gasoline prices is a political problem for Biden, reporting, “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 https://t.co/YDoda5J2NP
— CNN (@CNN) January 18, 2022
Knowing the political potential of high gasoline prices, Biden’s critics are pounding the president.
What do you think happens when @POTUS enacts policies that make us reliant on the Middle East for oil again? Crude oil hits a 7-year high and gasoline prices rise, adding to inflationary pressures that hurt American families. https://t.co/5l8OdHzRbE
— Congressman Scott Franklin (@RepFranklin) January 18, 2022
Joe Biden's agenda is the most regressive in modern history. https://t.co/Xy5u90gV9g
— Brian Mast (@BrianMastFL) January 19, 2022
Higher gasoline prices in the summer just before the midterm elections will pose a huge political problem for Democrats.
Biden is already suffering from low approval ratings in polls and added energy costs affect middle-class and lower-class Americans the most regardless of political party.
Data Analysis, a progressive organization, showed the correlation between rising gasoline prices and Biden’s disapproval.
There is little doubt the rise in gasoline prices will hammer Biden and the Democrats in the polls leading up to the midterm elections.