Jeff Currie Sees ‘Extremely High’ Chance of $5 Gas by Midterms
Veteran commodities strategist Jeff Currie said average US gasoline prices will almost certainly hit $5 a gallon before the midterm elections, citing a toxic combination of scarcity and currency debasement.
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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- Jeff Currie Sees $5 Gasoline Before Midterms oilprice.com
