Oil Prices Can ‘Easily’ Hit $150 A Barrel Amid Russia, Ukraine Conflict: Energy Expert

Power The Future executive director Daniel Turner argued on Wednesday that the price of oil l can “easily” hit $150 a barrel amid the tension overseas and warned that if sanctions are ever imposed on Russian oil, which he admitted is “doubtful,” the price will soar to $200 a barrel.

Turner argued that oil surging to that level will be “devastating to our economy.”

Turner provided the analysis on “Mornings with Maria” on Wednesday as oil prices continued to rise as Russia’s attack on Ukraine rages on.

Oil surged by more than $5 per barrel early Wednesday despite an agreement from the United States and other major governments to release supplies from strategic stockpiles aimed at calming market anxiety.

The 31 members of the International Energy Agency, the club of major oil consumers, agreed Tuesday to release 60 million barrels of crude from stockpiles.

“America will lead that effort, releasing 30 million barrels of oil Strategic Petroleum Reserve. We are prepared to do more united with our allies,” President Biden said during the State of the Union address on Tuesday night. “These steps will help blunt gas prices here at home.”

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Source: Fox Business