Seeing ‘Signs’ Gas Prices Headed in Direction of $5 a Gallon, Says Seigle
Clayton Seigle, senior fellow at the Center for Strategic and International Studies, said that while he hopes that the US isn’t headed back toward $5 a gallon gas, ‘there are signs’ prices may be headed in that direction as oil prices soar in the US and even higher in Asia.
The US took fresh steps to curb the turmoil in energy markets as Iran vowed to escalate its attacks on oil and gas infrastructure in the Middle East with the conflict stretching toward three weeks.
President Donald Trump temporarily waived a century-old shipping mandate to lower the cost of transporting energy goods around the US. Vice President JD Vance and other key Trump administration officials also plan to huddle with oil executives Thursday, according to people familiar with the matter.
Still, Trump expressed renewed irritation with countries who have rejected pleas to help secure the Strait of Hormuz, a critical energy waterway which remains all but impassable.
“US allies need to get a grip – step up and help open the Strait of Hormuz,” he said in a social media post Wednesday.
As military operations showed little signs of abating, Brent crude prices neared $110 a barrel.
Tehran warned Gulf countries that a number of energy assets are now “legitimate targets” after Israel attacked a key gas field in Iran. Facilities in Qatar, Saudi Arabia and the United Arab Emirates are on a list of sites at risk of Iranian airstrikes, the semi-official Tasnim news agency reported on Wednesday.
Israel carried out the strike on South Pars, a senior official from the country said, asking not to be named discussing sensitive matters. Iraq reported a loss of power generation after Iran halted gas supplies as a result — the latest example of how other Middle East countries are becoming embroiled in the 19-day conflict.
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25 Comments
Drr….CoNsErVaTiVes ArE GooD fOR tHE EcoNOMy…drrrr
$6.39 for premium around me in SoCal. My Subaru is in full size SUV fill-up prices.
"I will not start any wars. I'll end wars!"
🤡 Trump Nov 6, 2024 🤡
That horse has bolted
Forget 5 per gallon… We are already at 5.19.. I'm worried for 7 or 8 per gallon… Even shortages here .. 🎉🎉🎉
People are complaining, but I'm waiting to see driving habits change in the Midwest. I'm guessing $6/gal. I live near an intersection, so I hear the noisy lead foot drivers.
Well,its a good thing i get my gas from china/Canada and not the middle east and since less the 10 percent of American oil comes from the middle east.
If the US Navy seizes Iranian oil tankers, what's to stop them fully mining the strait?
They'd have nothing left to lose…
That dude was on point – we are in pretty deep trouble
Their idea is that oil supply is enough to keep on the current economic growth. The other view is that the oil price goes up until the consumption begins to decline, which comes from the idea of adoptation to lack of oil. If the latter comes, the economy will shrink, i.e. recession /depression. They need to think of the latter scenario.
immediately want to waterboard the guy on the left
We have plenty of oil and gas. Everything will be fine. There is a plan. Trust the plan.
I wonder if Bombing Iran’s Gas Field was aimed at influencing Europe as much as anything else
Most of my extended family have pivoted to electric cars. We will have lots of congestion free roads this summer to use our solar-produced electrons 🙂
Its about time for US and Israel to pay reparations to Europe and Asia for the disruption they have caused by greed and stupidity.
Iran was looking for oil going to $200/barrel, that may be an underestimate, $400/barrel seems likely.
Elect an IMBECILE…Expect IDIOCY…
Back to working from home
REALITY! Across America there is already $4-5 gas!!!! Gas will soon be $5-7!!!! Trump has intentionally created a global economic crisis! Trump has created CHAOS, CONFUSION & UNCERTAINTY! A major global recession is coming! Be prepared.
If gas goes to $5/gal, everyone is going to need a pay raise then.
This is your Suez crisis
Just charge up your car instead, it's literally only like $10 at residential rates for a full charge.
Tired of winning so much…
Would this have happened if Biden was President? $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Trump did that
It's a great big scam the United States doesn't even get their oil for that part of the world…
FAFO! MFs!