(WBAP/KLIF) — Oil and gas experts are predicting a global shortage of crude oil in 2025, which could cause gas prices to soar over $6 per gallon.
Pecos Company Energy’s Rey Trevino says that less than 50% of the oil used over the last decade has been replaced on the world stage. If current estimates hold true with no new drilling, Trevino says the price for crude oil could top $150 per barrel amid a shortage.
With the lack of new oil drilling in the United States, the oil industry is predicting a crude oil shortage by next year, which could spike the price to $150 per barrel. Trevino says the shortage is expected to be caused by a growing middle class, especially in India and Chine, the most populous countries in the world. OPEC is predicting that global oil demand will increase by 1.8 million barrels per day by next year.
Trevino says all economic models are out the window after what happened at the onset of the Israel-Hamas war. If oil cost $150 per barrel, the price at the pump would reach between $6 and $7 per gallon.
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