Crude's flirtation with levels above $90 are both a political and economic challenge.
Share on linkedin Summer hasn't even started yet, butPresident Biden's political jeopardy"ur models show a meaningful ... inverse correlation over more than four decades between Presidential approval ratings and real gasoline prices," ClearView Energy Partners said in a note.Average gas prices are up 24 cents per gallon over the last month to $3.63, per AAA, and summer driving demand typically puts more upward pressure on costs.
Pump prices are directly visible to consumers, but higher fuel costs also make taming inflation harder.The Middle East crisis has already pushed up oil — and that's without any real supply disruption. They could soar if things escalate. All eyes are on Iran's possible responses to Israel's strike on an Iranian compound in Syria."The run up in prices has sparked discussions about a revived White House energy diplomacy effort aimed at securing an easing of OPEC cuts this June," RBC Capital Markets analysts said in a note.
They see a potential release from the Strategic Petroleum Reserve if the White House "finds itself on the wrong side of the $4/gallon psychological pain point."Center for Strategic and International Studies cautioned that supply risks might not materialize and that bullishness will fade. But CSIS analysts warn "market psychology has shifted significantly, and it tends to take on a momentum of its own in the absence of clear evidence to the contrary."At a minimum, prices are likely to stay at their current level, and, as long as the conflict in the Middle East continues, volatility seems likely to return," CSIS's Ben Cahill and Raad Alkadiri wrote.
Economy Gasoline Oil Gas Prices
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold, Silver, WTI Crude Crude Oil Are in Well-Established Bull TrendsCommodities Analysis by Jason Sen covering: XAU/USD, XAG/USD, Gold Futures, Silver Futures. Read Jason Sen's latest article on Investing.com
Read more »
Chicago hot dog joint gets inducted into ‘Hot Dog Hall of Fame'Red Hot Ranch's 35th Street Red Hots in Chicago has been inducted into the Vienna Beef Hot Dog Hall of Fame.
Read more »
Lithium Bonanza on a Hot, Hot PlanetJoshua Frank is an award-winning California-based journalist and co-editor of CounterPunch. He is the author of the new book Atomic Days: The Untold Story of the Most Toxic Place in America (Haymarket Books).
Read more »
Joe Biden's electric vehicle mandate puts swing-state Democrats in the hot seatPresident Biden's mandate to eliminate most sales of new gas-powered cars by the end of this decade is his latest climate change policy that puts vulnerable Democrats on edge.
Read more »
New EPA vehicle standards would cut US emissions, ramp up pressure for more EVsThe Biden administration's push for electric vehicles is a hot election issue.
Read more »
Hot prices: Inflation rose to 3.5% in March in bad news for Biden and FedInflation rose to 3.5% for the year ending in March, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index.
Read more »