As China reopens its economy and the Russian war in Ukraine shows no signs of ebbing, analysts are warning that the price of crude oil may rise back above $100/barrel this year
ight now, the price to fill up at the pump may not feel all that bad. With the average price of a gallon of gasoline around $3.30 in the U.S. this week, down about $1.50 since its peak last summer, the issue has fallen out of the headlines.and the Russian war in Ukraine shows no signs of ebbing, analysts are warning that the price of crude oil may rise back above $100/barrel this year. The price at the pump would follow shortly thereafter: in mid July, the last time the U.S.
The rapid reopening and push for growth could lead demand to soar. In a research note, Swiss banking giant UBS said that it expected oil demand to rise by 1.6 million barrels per day this year. “We see three-quarters of global demand growth in 2023 coming from emerging Asia,” the bank said on Jan. 4, citing China’s reopening. A Jan. 9 research note from U.S. bank Goldman Sachs suggested that global oil demand would rise 2.
Politicians are already bracing themselves for the political fallout. Republicans in Congress proposed legislation earlier this month to tie use of the U.S. Strategic Petroleum Reserve —an oil storage facility controlled by the federal government—to the production of oil and gas on federal land. The theory behind the bill, at least in the telling of its Republican backers, is that restrictions on use of the SPR would force the Biden Administration to make it easier for oil companies to drill. .
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