Jeff Currie Sees $5 Gasoline Before Midterms
Diesel just broke $6 a gallon nationwide for the first time in U.S. history, and Jeff Currie says $5 gasoline is likely to land before midterms. The founder and CEO of Real Macro, who spent more than a decade running Goldman Sachs’ commodities research desk, told Bloomberg Television on Friday that the odds of average U.S. gasoline hitting $5 a gallon before the November midterms are “extremely…
Diesel prices in the United States have reached a record high of $6.0556 per gallon, a 14% increase in a month and a 60% rise from last year, according to AAA data. Real Macro's Jeff Currie predicts that $5 gasoline is likely to occur before the midterm elections. Currie attributes this to refiners reaching the limits of their flexibility in shifting between gasoline and diesel production.
He believes crude prices are signaling the market, with Brent crude pushing above $107 a barrel, likely due to Chinese refiners restarting units to take advantage of high diesel margins. This surge in crude prices could lead to even higher fuel costs, affecting everything from cargo shipments to holiday season expenses.
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