$5 for a gallon of gas? Economists warn it’s coming

Thanksgiving travelers paid the most for a gallon of gas in almost a decade, but economists at JPMorgan Chase warned that the spike in oil prices is “just getting started.”

CNN: The surge in oil prices this year has angered drivers, tainted Americans’ views on the economy and confounded both the White House and Federal Reserve. Unfortunately, JPMorgan Chase says the oil spike is just getting started.

In a new report on Monday, JPMorgan (JPM) warned clients that Brent crude oil will hit $125 a barrel next year and $150 in 2023. . . $150 oil is more than double today’s Brent price of about $73.50. If that forecast proves accurate, it would likely translate to national gas prices topping $5 a gallon and surely exacerbate inflationary pressures hitting the US economy and squeezing American families.

Rising prices for fuel — and other goods — are putting pressure on working families’ finances. To ease the political fallout, the Biden-Harris administration took merely “symbolic” action to temporarily lower prices. Republicans slammed the move and called on Biden to reverse his failing energy policies.

Politico: “President Biden’s policies are hiking inflation and energy prices for the American people. Tapping the Strategic Petroleum Reserve will not fix the problem,” said Sen. John Barrasso (R-Wyo.), who has criticized the administration’s efforts to limit auctions of federal land to oil producers. “Begging OPEC and Russia to increase production and now using the Strategic Petroleum Reserve are desperate attempts to address a Biden-caused disaster. They’re not substitutes for American energy production.”

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North Dakota Senator Kevin Cramer also criticized Biden’s anti-fossil fuel agenda.

🧵 Releasing oil from the Strategic Petroleum Reserve is not the solution to high gas prices. The SPR is meant for supplying energy during national emergencies. The only national emergency is President Biden’s disastrous energy policy in which he has purposefully curtailed https://t.co/jvItHNPyJe

— Sen. Kevin Cramer (@SenKevinCramer) November 23, 2021

To address rising prices, Republicans — and even some Democrats — are calling for Biden to increase American energy production and restore the Keystone XL pipeline that he canceled as soon as he took office.

Bottom Line: Working families are paying more for necessities, including gasoline, thanks to the Biden-Harris administrations’ disastrous economic and energy policies. Now, voters are angry and Democrats are concerned about a red wave in next year’s midterms.