Zero Hedge: Oil Giants Warn Of Much Higher Prices For The Next 3-5 Years Amid Lack Of Supply
It wasn't just the epic confusion unleashed by the Biden admin in the past few days over how to lower record gas prices (suggesting that Biden really has no idea what the 79-year-old president is doing), that sparked today's jump in crude oil and surge in energy names.
Providing some bullish support for the oil cash, in his latest weekly note, Bank of America's energy analyst Fernando Blanch writes that even if the world goes into recession, Brent oil could average more than $75/bbl next year.
Here is some more from his summary:
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WNU Editor: Its all Putin's fault .... Biden blames Russia for gas prices as he presses Congress, states and oil companies (Politico).
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