Crude oil prices rose to their highest level since March and gasoline spiked to new heights after predictions of persistently rising prices through the busy summer driving and boating season.
Goldman Sachs economists now forecast that crude prices will surge to $140 per barrel this summer as a result of Russia’s invasion of Ukraine and a recovery in Chinese demand, Business Insider reported yesterday.
And to make matters worse for American drivers and boaters, Goldman said gasoline prices, which are already approaching an average $5 per gallon, are likely to outperform the increase in crude.
Brent crude hit $122 per barrel this morning. West Texas Intermediate was trading over $120 per barrel.
Regular gasoline at the pump jumped to an average $4.955 per gallon today, according to AAA’s daily survey. Last week’s average was $4.671 per gallon. Diesel climbed to $5.719 per gallon today, up from a weekly average of $5.538 per gallon a week ago.
