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Gas prices may surge again ahead of midterm elections
BUSINESS
Gas prices may surge again ahead of midterm elections
As new sanctions threaten to choke global oil supply, the White House scrambles to contain potential fallout
By Evan Halper
July 16, 2022 at 6:00 a.m. EDT
Drivers relieved by the recent dip in gas prices may be in for a shock when the summer winds down, with energy analysts warning a fresh round of price surges could emerge as soon as October.
The prospect of a new gas price jolt coinciding with midterm elections has the White House and many Democrats on edge.
The price concerns are tied to the timeline for stricter sanctions on Russia that will further choke the global oil supply. J.P. Morgan has warned that in a worst-case scenario — in which Russia retaliates by shutting down its supply altogether — the price of oil could jump to $380 per barrel, more than triple what it is today.
“If you were to ask me where could oil prices go, I would say pick a number,” said Michael Tran, managing director for global energy strategy at RBC Capital, who says that while the outlook is murky, several indicators point to a price rebound. “This is the tightest oil market we have seen in a generation or more.”
{snip}
By Evan Halper
Evan Halper is a business reporter for The Washington Post, covering the energy transition. His work focuses on the tensions between energy demands and decarbonizing the economy. He came to The Post from the Los Angeles Times, where he spent two decades, most recently covering domestic policy and presidential politics from its Washington bureau. Twitter https://twitter.com/evanhalper
Gas prices may surge again ahead of midterm elections
As new sanctions threaten to choke global oil supply, the White House scrambles to contain potential fallout
By Evan Halper
July 16, 2022 at 6:00 a.m. EDT
Drivers relieved by the recent dip in gas prices may be in for a shock when the summer winds down, with energy analysts warning a fresh round of price surges could emerge as soon as October.
The prospect of a new gas price jolt coinciding with midterm elections has the White House and many Democrats on edge.
The price concerns are tied to the timeline for stricter sanctions on Russia that will further choke the global oil supply. J.P. Morgan has warned that in a worst-case scenario — in which Russia retaliates by shutting down its supply altogether — the price of oil could jump to $380 per barrel, more than triple what it is today.
“If you were to ask me where could oil prices go, I would say pick a number,” said Michael Tran, managing director for global energy strategy at RBC Capital, who says that while the outlook is murky, several indicators point to a price rebound. “This is the tightest oil market we have seen in a generation or more.”
{snip}
By Evan Halper
Evan Halper is a business reporter for The Washington Post, covering the energy transition. His work focuses on the tensions between energy demands and decarbonizing the economy. He came to The Post from the Los Angeles Times, where he spent two decades, most recently covering domestic policy and presidential politics from its Washington bureau. Twitter https://twitter.com/evanhalper
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