
Just when you thought things couldn’t get wilder, oil prices are knocking on the $ 100-a-barrel door!
But hold onto your gas caps, because experts are sounding the alarm that this rally could hit a brick wall.
With Brent soaring to a jaw-dropping $96 a barrel and U.S. West Texas Intermediate reaching $91 for the first time this year, some are saying we might be on the edge of an oil apocalypse.
U.S. Federal Reserve chair Jerome Powell dropped some major truth bombs last week, hinting that if this rally doesn’t chill, our wallets and inflation could be in for a wild ride.
Although there’s big talk of oil prices skyrocketing, Morgan Stanley has a hot take: for a true price impact, the rally must be here to stay.
And with COVID-19 economic recoveries in full swing, high oil prices could spark panic mode for governments already fighting rising costs.
Enter the game-changers: non-OPEC+ production.
Power players like Brazil, Guyana, and the U.S. are gearing up to pump out more oil.
And when the heavyweights at Goldman Sachs say, “Most of the rally is behind us,” you better believe things are about to get shaken up.
While OPEC+ has been the oil puppet master, playing the supply-and-demand game like pros, the clock might be ticking.
Russia, feeling the pinch from the Ukraine war drama, might have to play its cards differently.
And Saudi Arabia?
They’re in a tough spot, juggling producer rewards and not pushing prices into a global crisis.
The fuel frenzy isn’t stopping at the pump.
Gasoline prices have SMASHED through the iconic $4 a gallon mark.
And with the U.S. presidential election looming, President Joe Biden is under the spotlight, promising price cuts but keeping the “how” a mystery.
And Europe?
They’re feeling the burn.
From France lifting ancient bans to Britain wrestling with fuel duty dilemmas, it’s a continental chaos.
So, gear up.
Whether this oil frenzy is a flash in the pan or the start of a new era, one thing’s for sure: the road ahead is anything but smooth.