Oil Analyst Blasts Biden Energy Policy and Predicts 45 Cent Increase in Gasoline Prices

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:

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.”

Knowing the political potential of high gasoline prices, Biden’s critics are pounding the president.

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.