- July 7, 2021
- Posted by: Stratford Team
- Category: Business
PRICE Futures Group senior analyst Phil Flynn on why oil prices are retreating from a six-year high.
Bitter infighting within OPEC and ongoing friction with allied oil-producing countries could increase prices at the pump even more.
The “power struggle” between leading cartel member Saudi Arabia and the United Arab Emirates over production levels could push gas prices to “$3.50 or $4 a gallon,” PRICE Futures Group senior analyst Phil Flynn told FOX Business Neil Cavuto on “Cavuto: Coast to Coast.”
“If we don’t get the production from OPEC, it could mean the [oil] prices are going to go sharply higher,” Flynn warned.
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In fact, gas prices in Los Angeles are already “just a penny away” from notching the highest level in nine years, which would be approximately $4.33 per gallon, GasBuddy Head of Petroleum Analysis Patrick de Hann tweeted Tuesday.
The prices are heavily dependent upon if Saudi Arabia and…