Gas prices could reach 'apocalyptic' numbers this summer if hurricanes threaten refining, oil expert warns
Americans haven't seen the last of record gas and oil prices, energy analyst Tom Kloza says
Oil expert warns gas prices could reach 'apocalyptic' numbers
OPIS Energy analysis global head Tom Kloza argues he expects gas prices to stay elevated if summer hurricanes threaten oil refineries.
OPIS energy analysis global head Tom Kloza joined "Mornings with Maria," Friday, warning that gas prices could reach "apocalyptic" numbers if the summer hurricane season threatens oil refineries.
TOM KLOZA: Let's be candid… what I'm hearing is the progress was on relaxing some of the summer standards for gasoline so that you can put some cheap components in and swell the gasoline pool. I think a lot of refiners would like to see that, that would mean we'd be able to import stuff that doesn't meet U.S. muster in the summer, and it's a positive sign…unfortunately, positive signs between now and… the middle of August may be just overwhelmed if we have an active tropical season.
OPIS Energy analysis global head Tom Kloza told FOX Business that gas prices could reach 'apocalyptic' numbers. (AP Photo/Damian Dovarganes / AP Newsroom)
I think for gasoline, we go back above five, and…apocalyptic numbers come into play with hurricanes. The thing that people have to watch…[what] is really insidious for inflation are the values for diesel and jet fuel. Stocks of those fuels are not building. They're tight internationally, and that's where… we're going to have to pay the piper in the last hundred days of the year.
BIDEN KEEPS TOUTING ACTIONS THAT HAVE DONE LITTLE TO LOWER GAS PRICES
WATCH THE FULL INTERVIEW BELOW:
Oil expert: Americans haven’t ‘seen last’ of record gas prices
OPIS Energy analysis global head Tom Kloza provides insight into how record gas prices are impacting the U.S. economy.