Energy experts predict a severe gas price surge as President Donald Trump's Iran war and the Strait of Hormuz closure continue, potentially devastating Republican midterm prospects.
Dan Pickering, chief investment officer at Pickering Energy Partners, warns summer driving season will deliver a painful price shock that "hits people in the face," with another spike predicted around Memorial Day, according to reporting by Politico.
The White House dismissed warnings and expressed confidence that prices will decline by year's end. However, Rosemary Kelanic from the Defense Priorities think tank argued Trump's market-manipulating rhetoric is backfiring, delaying producer responses and worsening supply imbalances.
Oil and gas executives have openly criticized Trump for sending conflicting signals through tweets that prevent proper planning of capital budgets and rig operations.
One industry insider warned the paper market may be manipulated, predicting even worse supply-demand imbalances and higher prices over the next 12 months as Americans' economic confidence continues deteriorating.
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