People Will Freak Out When Gas Stations Run Dry & Prices Hit Astronomical Levels In The Next Weeks! - Epic Economist

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An alarming trend has emerged this month: Gasoline prices are creeping toward $4 again. Fuel stockpiles have dropped for six weeks in a row and that may create a huge headache for U.S. motorists getting ready to hit the road on Labor Day. With refineries closing down for maintenance during a critical moment of the U.S. driving season, many stations can run out of supplies and prices are likely to hit the highest levels in over a year, according to experts’ forecasts. The situation is reaching such extreme proportions that now even the U.S. Energy Information Administration is revising its forecast for gas and oil prices upwards and expecting the trend to last until 2024. On top of all that, one major energy provider is warning about an impending nationwide energy crisis in the coming months, Shortages and outages can cause more stress at the pump and for millions of families this fall and winter. 

In the past few weeks, drivers have been feeling a pinch when filling up their tanks, with the average price for a gallon of regular gasoline jumping to $3.87 today, an increase of almost 40 cents from a month ago. AAA data shows that since July 16, the average cost of a gallon of gas climbed nearly 15%, surpassing $4 in 12 states, including Arizona, Illinois, Utah, Colorado, and Michigan. In California, the state with the highest gas prices, an average gallon cost more than $5 right now.

Exacerbating the supply crunch, a spike in demand ahead of Labor Day will keep prices expensive in August and September. “Globally, August is the peak [demand],” adds Richard Joswick, head of global oil at S&P Global Commodity Insights. He forecasts that the national average could climb above $4 by August 30.

Earlier this month, Goldman Sachs forecasted oil could reach $100 a barrel in the fourth quarter, bringing the average price of a gallon of gas to the highest level in a year. Patrick De Haan, the head of petroleum analysis at GasBuddy, notes that the cost of gasoline is currently at the highest point since October 2022, and it could climb to $4.12 by September 2 due to dwindling inventories. 

Any disruptive event, such as a major storm that damages infrastructure, could make things exponentially worse. “The wild card is a hurricane threat,” AAA said. “If a hurricane comes barreling in and hits the U.S. gulf coast, prices will spike.”
The skyrocketing price of energy supplies, especially gasoline, is likely to cause inflation to rise through August, experts said. The US Energy Information Administration dimmed its estimate of global oil production through 2024 because of an agreement by OPEC+ to extend its output cuts in the fourth quarter. Citing those supply cuts, the EIA said it expects more “upward pressure” on oil prices, “notably in late-2023 and early-2024.”

Unfortunately, gasoline and fuels aren’t the only energy supplies at risk of shortages and outages during this fall and winter. A major cooperative of electric grid operators in Utah just approved a declaration of what it says is an “impending U.S. energy crisis,” fueled by the accelerated retirement of coal-fired power plants without ensuring an alternative base load energy supply can take their place.

We’re about to face the worst of gasoline inflation, and our homes are at risk of losing power during the period we will need it the most. The disruptions that occurred last year will be considered mild compared to what’s going to happen this winter, that’s why the time to prepare is now.