Higher For Longer, That’s The Story Of Oil And Gas Prices
Oil and gas prices are expected to rise significantly due to declining inventory levels and increased demand during the summer driving season. Executives from Exxon and Chevron have warned that oil could reach $160 per barrel within weeks. The situation is exacerbated by geopolitical tensions and production issues in the Middle East, leading to potential shortages.
- ▪Exxon and Chevron executives predict oil prices could hit $160 per barrel soon.
- ▪U.S. gasoline inventories have fallen for 15 consecutive weeks, dropping by 40 million barrels.
- ▪Oil production in the Middle East is down by over ten million barrels a day due to full storage and infrastructure damage.
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BusinessEnergyHigher For Longer, That’s The Story Of Oil And Gas PricesByMatt Randolph,Contributor.Forbes contributors publish independent expert analyses and insights. Matt Randolph is a globally recognized oil and gas expert Follow AuthorMay 29, 2026, 03:48pm EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.ARCADIA, CALIFORNIA - MAY 11: An American flag flies above gas prices displayed at a gas station on May 11, 2026 in Arcadia, California. President Trump today said he wants to suspend the national gas tax amid elevated gas prices as the war in Iran continues. The gas tax currently stands at 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel.
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