Recently, Bank of America has issued major warnings over gas prices, noting that prices may spike significantly higher than current levels. Currently, Americans across the nation are paying roughly $3.41 per gallon for regular fuel, as well as over $4 per gallon for premium fuel.
According to a CNN report, the bank recent issued a prediction “that Brent crude oil, which drives gas prices, will zoom to $120 a barrel by June 2022,” or “45 percent higher than current levels.”
Francisco Blanch, who serves as the bank’s Head of Global Communications, also discussed the high prediction with CNN, observing that back in June he had noted that oil may increase to $100 per barrel in price.
Given present demand conditions, “it’s very easy for prices to shoot up,” Blanch remarked, recalling that people thought his $100 per barrel prediction in June was “crazy.”
“Now, here we are,” Blanch said drolly, “We are generally still quite bullish.”
According to an AP poll released earlier this week, the vast majority of Americans, or approximately 65 percent, have indicated that the economy is presently in dire straits under the leadership of President Joe Biden. In addition, results from an NBC poll also reveal that roughly 60 percent of Americans do not believe that Biden has handled the economy favorably.
On his part, Biden has blamed other nations, at least in part, for higher gas prices. On Tuesday, the president insisted that other nations should do more to help reduce the economic pain that Americans are presently feeling at pumps across the country.
“If you took a look at, you know, gas prices, and you take a look at oil prices,” Biden bumbled, before lurching into how the current gasoline prices are “a consequence of … the refusal of Russia or the OPEC nations to pump more oil.”
However, Senator Joe Manchin (D-WV), who serves as the Chairman of the Senate Energy and Natural Resources Committee, recently countered Biden’s claims during a discussion on Fox News with host Bret Baier.
When Manchin was asked about Biden’s remarks, as well as which entities are at fault for higher gasoline prices, the senator began to detail the nation’s possibilities for energy independence.
“We have been energy independent for the first time in 67 years,” Manchin remarked, “Why can’t we do more? Why can’t we produce more?”
The senator also added that the nation is blessed with “plenty of natural gas, and West Virginia alone “has an ocean of natural gas under it.”
“If they just let us build a pipeline, we could get the product to market,” Manchin observed.
Manchin also questioned why energy independence efforts have been stifled in the United States.
“Why don’t we do more drilling?” Manchin questioned, “why don’t we do more … production in the United States?”
Manchin also added that he does not want to “[depend] on other countries for … energy anymore,” including OPEC.
“We know how to do it; we have the technology,” Manchin asserted, “we should be resilient, relying on ourselves.”
When Baier inquired whether or not Biden is wrong in his blame-casting for gasoline prices, Manchin smoothly responded, “I have a difference of opinion.”
Despite Biden’s efforts to badger OPEC, Blanch informed CNN that OPEC is unlikely to pump more oil since they have limited incentives to do so.
“OPEC is not interested in pushing prices back down to $60 a barrel … they have zero interest,” Blanch concluded wryly.