Appearing Thursday on the Fox News Channel, oil trader and network contributor Phil Flynn warned that President Joe Biden’s energy policies and a potential conflict between Russian and Ukraine could lead to a national average gas price of $5 per gallon.
A transcript is as follows:
SANDRA SMITH: We’re all trying to dissect this story and understand what it means, the implications for energy prices here at home and globally. We know these are very global markets. We also look at it from the standpoint of how much leverage does the dependancy on Russian oil and natural gas do the fight in [Ukraine]. We’re already paying more at the pump. This has major implications as far as economic implications. If the price of oil keep going up than the price of gas will go up.
PHIL FLYNN: You’re absolutely right. We basically re-rhythmed the geopolitical risk map in the last couple of years under President Joe Biden with his energy policy. I think you’re starting to see that when the U.S. steps back as the world’s biggest producer, what happens on the global stage. Not only do we have oil prices screaming to the highest level we’ve seen in seven years, the map becomes more unstable. Russia sees an opportunity here, they control the energy supply, they control the global economy, and they are using it to their advantage. That means everybody is going to pay the price. If we see oil prices go to $100 per barrel, we could be paying $5 per gallon for the national average. Nobody wants to see that.