Here’s how much oil and gas could soon cost.
Recently, experts predicted that oil and gas prices could begin to decline as things become more stable between it’s supply and demand. Now, Daniel Yergin the vice chairman of IHS Markit, believes that oil prices can reach up to $100 per barrel due to cold weather approaching.
According to Fox Business, Yergin stated that he believes oil will hit $100 per barrel if we have cold weather.
Yergin stated, “I think that could happen basically if we have a cold winter, but oil is being dragged up by what’s happening, the global shortage of liquefied natural gas, the shortage of coal…”
He then said, “I think [Biden] ran saying, ‘I’m not going to ban fracking.’ I think he realizes that if we don’t drill in this country, you know what’s going to happen? We’re going to go back to importing oil instead of being energy independent.”
Adding, “I don’t want to predict $100, but certainly, people are out there saying that, and you could see that it happens as these markets continue to be tight. And what we basically are seeing is underinvestment in energy resources…”
Currently oil prices are around 80-84 dollars per barrel and it reaching $100 could significantly cause a spike in gas prices at the pump!