GS Or BS: Crude Oil Back To $130 / Gasoline Back To $5 -- August 11, 2022

Predicting oil prices is a fool's errand.

Having said that, from Goldman Sachs today, by the end of the year, 2022:

• oil will hit: $130
• gasoline will be back to $5

I don't agree with that prognostication, but only because the "end of the year" is December, not exactly a big driving season.

But if "we" hit $130 / $5 before the end of this year, I can only imagine how high oil / gasoline will be next summer, assuming Russian sanctions are still in place. But the election will be over, so it won't matter much. Will it?

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