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Look For Higher Oil Prices and More Pain at the Pump

Look For Higher Oil Prices and More Pain at the Pump

In this week’s preview of what to watch in oil and gas markets, Dailion’s regular energy prognosticators take a look at oil and pump price trends, the state of the Russia-Ukraine conflict, the effect of sanctions on Russia and the rest of the world, and more. Read on below to find out the specifics.

Tom Seng, Director – School of Energy Economics, Policy and Commerce, University of Tulsa’s Collins College of Business: Putin seems determined to continue the onslaught of Ukraine and the diplomatic talks appear to be a smokescreen, at least from the Russian side. More countries will have to agree to ban Russian energy sources for a full force and effect. However, it’s starting to appear as though no amount, or type, of sanction, is going to push Putin to reverse the course he has set. Look for higher oil prices and more pain at the pump until there are clear signs of resolution of this conflict.

Michael Osina, Grant Thornton National Partner in Charge of Energy – Tax: Many believe we are firmly beyond the pandemic stage and that the economy, and society, are getting back to ‘normal’. However, the Russia/Ukraine conflict has thrown a wrench in those plans, at least for the economy. We will have to watch and see how long the conflict lasts and how it ends. While sanctions have been imposed on Russia, there will be ripple effects felt worldwide, and how long and far those ripples last remains to be seen.   

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