Oil prices have been increasing since the summer due to a supply shortage. This has raised concerns on Wall Street about the potential impact on demand if crude prices continue to rise.
As of Tuesday, West Texas Intermediate (CL=F) was trading above $92 per barrel, while Brent crude futures (BZ=F) were hovering over $95 per barrel.
“I believe that crude oil prices would need to reach $100 to $110 per barrel, with gasoline prices rising to $4.00 to $4.25 per gallon, in order for consumers to change their driving habits and result in a decrease in demand,” said Andy Lipow, president of Lipow Oil Associates, in an interview with Yahoo Finance.
Gasoline prices on Tuesday were close to their highest levels since 2023, with a national average of $3.88 per gallon, according to AAA.
“Currently, gasoline prices across the country are reflecting significant supply issues and strong demand,” said Tom Kloza, global head of energy analysis at OPIS, in an interview with Yahoo Finance.
The prices of the various grades of gasoline available are displayed electronically on a pump at a…
2023-09-19 10:35:14
Link from finance.yahoo.com
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