by Michael Snyder, The Economic Collapse Blog:
The global energy supply crunch is only going to get worse as long as the conflicts in the Middle East and Eastern Europe are raging. A lot less oil is getting through the Strait of Hormuz than normal, and diesel production in Russia has been significantly diminished by relentless Ukrainian drone strikes. As a result, we have a facing an unprecedented energy squeeze. The average price of a gallon of gasoline in the United States has never been this high so late in the calendar year, and the average price of a gallon of diesel in the United States just set yet another all-time record.
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At this stage, nobody can deny that a global energy crisis is here.
In fact, Goldman Sachs just warned that the price of oil could soon jump above $120 a barrel…
Goldman Sachs is warning that heightened attacks in the Persian Gulf and Red Sea could push global oil prices above $120 a barrel, which would add to the surging fuel costs Americans have faced during the Iran war.
The investment bank’s forecast implies a roughly 20% increase in the cost of Brent crude, the international benchmark, which is trading at nearly $100 a barrel.
For months, there have been extraordinary efforts to keep the price of oil below the psychologically important $100 a barrel mark.
But authorities will not be able to hold that line for much longer.
Already, U.S. consumers have spent an extra $100 billion on fuel since fighting with Iran erupted in February…
American consumers spent an additional $100 billion on fuel between the start of the Iran war on Feb. 28 and Sept. 8, according to a tracker from Brown University. Higher gasoline prices accounted for about $55 billion of that amount, while diesel accounted for the remaining $45 billion.
Unfortunately, fuel prices just continue to rise.
On Labor Day, the average price of a gallon of diesel in the United States reached another brand new record high…
Diesel, which is widely used in the trucking, construction, agriculture and rail sectors, reached a record $5.90 a gallon on Labor Day, AAA data shows.
It is over six dollars a gallon where I live.
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