(KNSI) – The former CEO of First Fuel Banks in St. Cloud says gas prices could break a record this year. As a child, Jim Fenis started in the family business and says we are on pace to see gas prices at the highest levels in 14 years.
“We’re in a very, very precarious position. And if you remember back in oh eight, when crude oil poked out at a record high of $147.60. That was just because of the insatiable demand. And now we’ve got a whole different set of circumstances, and to me, more dangerous than we’ve ever seen.”
He’s predicting gas prices of $4.50 a gallon for regular unleaded and about $6.50 for diesel fuel. Fenis says the increase in demand, a war in Ukraine, and the lack of new infrastructure such as pipelines and refineries are driving the price up. He is telling people to begin planning for high gas prices.
“I highly recommend that you start budgeting yourself and maybe cutting out some trips and things like this. Because if it gets bad, the majority of the energy will go to defense. And I’m not predicting it. But I’m telling you that the doors could possibly be open to punch out that old record high in 2008 of $147.60.”
Fenis said that if demand for gasoline goes over 10 million barrels a day in the summertime, the price will skyrocket because the nation doesn’t have the refining capacity to keep up.
___
Copyright 2022 Leighton Enterprises, Inc. All rights reserved. This material may not be broadcast, published, redistributed, or rewritten, in any way without consent.
FOLLOW US FOR INSTANT UPDATES!
FOLLOW US FOR INSTANT UPDATES!