(DailyVantage.com) – Across the country, Americans have been feeling the proverbial pinch at the pump. The national average as of November 5 sits at $3.41 per gallon of regular, which is only slightly higher than weeks past. However, Bank of America (BoA) is warning these prices could suddenly jump — significantly.
BoA’s head of global commodities, Francisco Blanch, predicts Brent crude oil prices will increase an astounding 45% to $120 per barrel by next June. Why is this relevant? Because Brent crude oil drives the cost of gas.
If true, his prediction means higher gasoline prices will rule the day across the nation. In some areas, like California, where prices are approximately $1 higher than the national average, this increase will place an additional burden on those already struggling to pay today’s prices.
BIDEN: The increase in gas and oil prices is "the consequence of the refusal of Russia or the OPEC nations to pump more oil." pic.twitter.com/A5Gg5L0eee
— X Strategies LLC (@XStrategiesLLC) November 2, 2021
President Joe Biden blames the ever-increasing costs for gas on OPEC and other countries, like Russia, for not increasing output. Senator Joe Manchin (D-WV) disagrees, saying we need to regain the energy independence we enjoyed under former President Donald Trump.
Unfortunately, it doesn’t look like there will be any immediate relief. Blanch says there’s no incentive for OPEC to pick up production, so they won’t. In the meantime, the ones paying the real price are Americans, some of whom quite literally have to empty their bank accounts just to fill up.
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