Gas prices are rising across the country and the national average is around $ 5 per gallon. The government may work hard to find a solution to reduce the pressure on the pump, but the future looks bleak, according to Goldman Sachs. Economists at the Investment Banking Group predict that by the end of this year, prices will seem to have bumped up to about 34 percent.
According to Business Insider, the firm said on Tuesday that it expects the average price of a barrel of oil to be somewhere near 140 140 by the end of this year, making it look more like আরও 160 to pump consumers. That’s a 34.45 percent increase over the $ 119 cost associated with a barrel today.
Of course, this could end up putting an average of about 70 6.70 per gallon. Keep in mind that we are regularly talking about 85 or 87-octane gasoline. The national average for premiums at the moment, which is more cars these days, is $ 5.55. A 34 percent bump on that price would create a new total of $ 7.43.
Related: New York suspends gas tax for the rest of 2022 to reduce pump pressure
“A big price spike is quite possible this summer when seasonal demand reaches its peak,” said Jeff Curry, a chief product strategist at Goldman Sachs. Interestingly, one of the major problems in the case of high gas prices is not war and it is not low oil production.
Instead, most crises come from a lack of refining capacity or a lack of capacity to convert crude oil into petrol and diesel. Indeed, the analysis specifically states that there is “an unprecedented refining deficit” at the moment. Seems like a whole new energy crisis pushing action from all systems, including states that are suspending their energy taxes.
Last week, we reported on a gas tax suspension in New York that would run until the end of the year and would eventually cost the state more than $ 500 million in revenue. Even these types of solutions are not doing much, though, considering that they often remove less than 0.50 cents from the total price.