US gas fueling up for ‘highest prices of a generation,’ energy expert warns
Analysts see a $6 per gallon retail price due to Russia oil conflicts, demand and weather: OPIS
US gas to see ‘highest prices of a generation’: Energy expert
OPIS Energy Analysis global head Tom Kloza says getting gas prices down will take ‘a little luck.’
Despite a gas price "reprieve" this week, one energy expert cautioned the road to lower prices isn’t quite clear yet on "Mornings with Maria" Friday.
"The people I know that chart this for a living think that the wholesale price could get above $5, which would indicate a $6 retail price," OPIS Energy Analysis global head Tom Kloza told FOX Business’ Maria Bartiromo.
"I do think that we could see the highest prices of a generation, even when adjusted for inflation," he continued, "these prices are going to be very, very high."
The energy expert explained there are "too many things" that can send gas prices higher this summer, including Vladimir Putin leveraging Russian oil supply, high consumer demand and potential inclement weather in the Gulf of Mexico.
GAS PRICES: THOUSANDS OF STATIONS IN GULF COAST REGION REPORTEDLY BELOW $4
OPIS Energy Analysis global head Tom Kloza warns "very, very high" gas prices are still to come this summer on "Mornings with Maria" Friday, July 8, 2022. (AP Newsroom)
"I think it's going to take a little bit of luck," Kloza said. "I don't think there's anything the president can turn to, to pull a lever to bring prices down."
Kloza also noted that the U.S. hasn’t seen its peak driving season yet.
"If I had to bet, I would say that those $5 numbers that we saw about a month ago, that's not going to be the high for the season," he predicted. "We could have a little touch of California and the Mediterranean on the East Coast or, really, in a lot of different states."
Even though some states are seeing gas prices fall below $4 this week, Kloza gave a reminder that oil is part of a global market.
US gas to see ‘highest prices of a generation’: Energy expert
OPIS Energy Analysis global head Tom Kloza says getting gas prices down will take ‘a little luck.’
"So it's not as though we could lower the price here and get away with European or Asian buyers paying $20 or $30 more," the OPIS Energy analyst said.
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Kloza anticipates the noticeably lower gas prices across America will only last through next week.
"I cannot be Tony Robbins' motivational speaker today," the expert said, "because I think the coast is not yet clear."