Investment firm predicts whopping upcoming oil prices

Oil prices expected to surge
Posted at 1:20 PM, Nov 30, 2021
and last updated 2021-11-30 14:26:36-05

CORPUS CHRISTI, Texas — Motorists, are you enjoying that brief respite from soaring gas prices the last several days?

Don’t get too used to it.

Financial services firm J.P. Morgan says the worst is yet to come.

It's predicting that oil will jump to $125 a barrel next year, and $150 by 2023.

That's more than double the current price.

This year's surge in oil prices has had a major impact on American drivers and their views on the economy.

Oil at $150 per barrel would likely mean national gas prices topping $5 a gallon.

However, J.P. Morgan isn't saying oil would maintain those high prices consistently.

They expect it to settle around $88 a barrel next year -- before increasing to $125 a barrel.