Why Gasoline Prices Are Only Going Higher From Here

Why Gasoline Prices Are Only Going Higher From Here

FILE - The gasoline price board is shown at a gas station in Menlo Park, Calif., March 21, 2022. A ... [+] majority of Americans say they don't blame President Joe Biden for high gasoline prices, but they're giving his economic leadership low marks amid fears of inflation and deepening pessimism about economic conditions.(AP Photo/Jeff Chiu) In its latest FundamentalEdge report released last week, Enverus Intelligence Research confirms that nearly three months into the Ukraine war, oil markets remain tight despite the Biden administration's ongoing major drawdown of the U. S. Strategic Petroleum Reserve (SPR). "We see a tangible risk that oil markets will become volatile again later this year and into 2023 when the stock releases end. The release of oil from the Strategic Petroleum Reserve buys time for producers in the U. S. to push harder and for Iran nuclear diplomacy to bear fruit," said Bill Farren-Price, lead report author and director of Enverus Intelligence Research. The return of volatility anticipated by Enverus appears to have arrive a little early. As summer driving season set in over the weekend, crude prices shot up again in Memorial Day trading, with Brent now topping $123 per barrel and West Texas