{"id":41352,"date":"2022-06-08T02:50:21","date_gmt":"2022-06-08T02:50:21","guid":{"rendered":"https:\/\/harchi90.com\/gas-on-the-rise-no-end-in-sight-for-record-high-pump-prices-energy-expert-warns\/"},"modified":"2022-06-08T02:50:21","modified_gmt":"2022-06-08T02:50:21","slug":"gas-on-the-rise-no-end-in-sight-for-record-high-pump-prices-energy-expert-warns","status":"publish","type":"post","link":"https:\/\/harchi90.com\/gas-on-the-rise-no-end-in-sight-for-record-high-pump-prices-energy-expert-warns\/","title":{"rendered":"Gas on the rise: &#8216;No end in sight&#8217; for record-high pump prices, energy expert warns"},"content":{"rendered":"<div><!----> <!----> <\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>The Schork Group principal Stephen Schork provides insight into how high the national average could get within the next few months.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The Schork Group principal Stephen Schork argued on Tuesday that the probability of $ 6 gas is &#8220;very real&#8221; and warned that &#8220;there is no end in sight right now&#8221; for soaring gas prices. <\/p>\n<p>Schork made the argument on &#8220;Varney &#038; Co.&#8221;  as gas prices continue to hit new record highs.<\/p>\n<p>On Tuesday, the national average for a gallon of gas hit a fresh record of $ 4.91, which is nearly 30 cents higher than the week before and 61 cents higher than the prior month, according to AAA.<\/p>\n<p>The association noted that 14 states currently have an average of over $ 5 for a gallon of gas. <\/p>\n<p><strong><u>A TIMELINE OF BIDEN&#8217;S ACTIONS ON OIL AND GAS REVEAL WHERE HIS PRIORITIES ARE<\/u><\/strong><\/p>\n<p><iframe class=\"flourish-embed-iframe\" style=\"height:600px;width:100%;\" sandbox=\"allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation\" scrolling=\"no\" frameborder=\"0\" title=\"Interactive or visual content\" src=\"https:\/\/flo.uri.sh\/visualisation\/8927714\/embed\"> <\/iframe><\/p>\n<p>On Tuesday afternoon, oil prices traded higher with Brent crude futures for August rising about 1% to $ 120 a barrel and US West Texas Intermediate crude futures for July delivery gaining about .89% to around $ 119 a barrel.<\/p>\n<table class=\"stock-fundamentals\">\n<thead>\n<tr>\n<th class=\"ticker\">Ticker<\/th>\n<th class=\"security\">Security<\/th>\n<th class=\"last\">Last<\/th>\n<th class=\"change\">Change<\/th>\n<th class=\"percent\">Change%<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"ticker\">USE<\/td>\n<td class=\"security\">UNITED STATES OIL FUND LP<\/td>\n<td class=\"last\">90.01<\/td>\n<td class=\"change pos\">+1.59<\/td>\n<td class=\"percent pos\">+ 1.80%<\/td>\n<\/tr>\n<tr>\n<td class=\"ticker\">BNO<\/td>\n<td class=\"security\">UNITED STS BRENT OIL FD LP UNIT<\/td>\n<td class=\"last\">35.41<\/td>\n<td class=\"change pos\">+0.54<\/td>\n<td class=\"percent pos\">+ 1.55%<\/td>\n<\/tr>\n<tr\/><\/tbody>\n<\/table>\n<p>Schork pointed on Tuesday to &#8220;economics axiom&#8221; that &#8220;high prices are the cure for high prices.&#8221;<\/p>\n<p>&#8220;But it is based on the fact that if you make prices high enough, you are going to increase production, you are going to give the incentive to bring more supply to the market,&#8221; he explained. <\/p>\n<p>&#8220;Unfortunately, with the message that we&#8217;ve been getting from this White House and from Wall Street over the past two years, investment is not going into future production; so, therefore, we&#8217;re unable to bring that production to meet these high prices, so there really is no end in sight right now. &#8220;<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" srcset=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/10\/343\/192\/GasPump.png?ve=1&amp;tl=1, https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/10\/686\/384\/GasPump.png?ve=1&amp;tl=1 2x\"><source media=\"(min-width: 768px) and (max-width: 1023px)\" srcset=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/10\/672\/378\/GasPump.png?ve=1&amp;tl=1, https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/10\/1344\/756\/GasPump.png?ve=1&amp;tl=1 2x\"><source media=\"(min-width: 1024px) and (max-width: 1279px)\" srcset=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/10\/931\/523\/GasPump.png?ve=1&amp;tl=1, https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/10\/1862\/1046\/GasPump.png?ve=1&amp;tl=1 2x\"><source media=\"(min-width: 1280px)\" srcset=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/10\/720\/405\/GasPump.png?ve=1&amp;tl=1, https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/10\/1440\/810\/GasPump.png?ve=1&amp;tl=1 2x\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<div class=\"caption\">\n<p><span>Energy expert Stephen Schork provides insight into how high gas prices will get as they continue to hit records. <\/span><span>  (iStock \/ iStock)<\/span><\/p>\n<\/div>\n<\/div>\n<p><strong><u>CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/p>\n<p>In a series of orders aimed at combating climate change, President Biden canceled the Keystone XL oil pipeline on his first day in office and temporarily suspended the issuance of oil and gas permits on federal lands and waters. <\/p>\n<p>The administration resumed the new leasing last month following court challenges against the ban and is appealing a ruling in which Judge James Cain, a Trump appointee, struck down the ban. <\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>The Schork Group principal Stephen Schork argues &#8216;there is no end in sight right now&#8217; for soaring gas prices as they continue to hit new record highs. <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Schork pointed to Tuesday&#8217;s oil prices being around $ 120 a barrel, noting that &#8220;by the 4th of July, what this translates into is the national average upwards of about $ 5.30 at the pump.&#8221;<\/p>\n<p>He also noted $ 147.27 &#8220;is the all-time high price for WTI crude oil that we set in 2008&#8221; and that &#8220;the probability that we get there by the 4th of July holiday\u2026 is 14%.&#8221;<\/p>\n<p>&#8220;The probability we get there between now and Labor Day is 23% so there&#8217;s a very real possibility we&#8217;ll see oil upwards of $ 150 a barrel,&#8221; Schork continued, noting that it would translate to a national average gasoline price of $ 6 a gallon . <\/p>\n<p>During a speech last month, Biden said that the US has &#8220;made enormous strides&#8221; in recovering its economy &#8211; and credited his own policies &#8211; while he blamed inflation and record-high gas prices on the coronavirus pandemic and Russian President Vladimir Putin.<\/p>\n<p><strong><u>GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/u><\/strong><\/p>\n<p>&#8220;I want every American to know that I&#8217;m taking inflation very seriously and it&#8217;s my top domestic priority,&#8221; Biden said at the White House on May 7.<\/p>\n<p><i>FOX Business&#8217; Lawrence Richard contributed to this report. <\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Schork Group principal Stephen Schork provides insight into how high the national average could get within the next few months. The Schork Group principal Stephen Schork argued on Tuesday that the probability of $ 6 gas is &#8220;very real&#8221; and warned that &#8220;there is no end in sight right now&#8221; for soaring gas prices. &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/gas-on-the-rise-no-end-in-sight-for-record-high-pump-prices-energy-expert-warns\/\"> <span class=\"screen-reader-text\">Gas on the rise: &#8216;No end in sight&#8217; for record-high pump prices, energy expert warns<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/10\/0\/0\/GasPump.png?ve=1&tl=1","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/41352"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=41352"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/41352\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=41352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=41352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=41352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}