What will you be paying for gasoline this summer? Clark
ventured a prediction last month, but that was before the current run-up in the price of a barrel of oil.
Oil is now trading at around $55 or $56/barrel. That's up from around $35/barrel just a few months ago. And the price of a barrel of oil ultimately translates into what you pay for a gallon of gas.
Clark is guessing that the run-up is a false number. His guesstimate for summer gas prices still holds at $2.25 or $2.30/gallon as a national average. That's excepting a war or other major supply disruption.
Why is he so confident about this when the oil market is trading so high? Because the amount we have in reserve in the United States is the highest it's been in a generation. We have tons of crude oil just sitting there unloved.
There's more good news on the natural gas front. Prices are fantastic compared to what they were just one year ago -- about one-third to one-fourth.
So, on the energy front, we have nothing but positives right now. But you never know when war or a similar supply disruption will occur.