Don’t be surprised if oil prices hit $150 a barrel because of the Russian Invasion of Ukraine. That’s according to one analyst’s opinion.
On Wednesday, Daniel Turner, who is the executive director of Power The Future, talked with Fox Business host Maria Bartiromo on her Mornings with Maria show. It is his assessment that oil can “easily” hit that $150-per-barrel mark. This is due to the Russian invasion of Ukraine.
Turner also has a warning. He says if sanctions are put on Russian oil, then prices could soar as high as $200 per barrel. He told Bartiromo that he thought it was “doubtful” that would happen.
Russian Invasion of Ukraine Haunts Future Of Oil Prices
Yet he warned that oil hitting that level due to the Russian invasion would be “devastating to our economy.” On the markets, oil bolted up more than $5 per barrel on Wednesday. That took place despite an agreement from the United States and other major governments to release supplies from strategic stockpiles.
There are hopes that doing this will calm down market anxiety. This hope takes place as the Russian invasion continues unabated.
In a sign of the times, all 31 members of the International Energy Agency reached an agreement on Tuesday. They will be releasing 60 million barrels of crude from stockpiles.
Energy Expert Does Not Agree With Biden’s Announcement
In his State of the Union address on Tuesday night, President Joe Biden said that “America will lead that effort, releasing 30 million barrels of oil Strategic Petroleum Reserve.”
Biden also tells an audience of representatives, congressmen, and others that “we are prepared to do more united with our allies. These steps will help blunt gas prices here at home.”
What will this do? It is hopeful that concerns would be eased. But it did not when it involved the Russian invasion of Ukraine. There is a fear that disruptions in supplies from Russia will happen. The country is the second-biggest exporter behind Saudi Arabia.
Turner told Bartiromo that he did not agree with Biden’s announcement to release 30 million petroleum reserve barrels on Wednesday. The energy expert notes that the amount accounts for just a day-and-a-half of U.S. oil consumption.
Biden “omitted the fact that he has punished this industry,” Turner said. “He omitted the fact that he has stopped permitting in the Gulf of Mexico. He omitted the fact that he has stopped leasing on federal land.”
Amid the Russian invasion of Ukraine, Turner argued against Biden’s policies. Specifically pointing toward his energy policies, inflation, and current geopolitical events “have driven up prices dramatically and the American people are suffering and Putin is rich because of it.”
Turner added that Biden “just ignored all of those facts, but that’s not going the make the pain go away.”