(NewsTarget) If you think gas prices are bad now, consider what JPMorgan analysts are now saying about the price of a barrel of oil tripling in the not-too-distant future.
Right now, a barrel of oil costs about $111. But if JPMorgan analysts are correct, then that same barrel of oil will soon be $380 – and the culprit, as always, is “Russia.”
Should Vladimir Putin’s country cut output, then gas will skyrocket even higher than its current price, decimating the American and global economies in a matter of weeks or days.
“It is likely that the government could retaliate by cutting output as a way to inflict pain on the West,” the analysts wrote. “The tightness of the global market is on Russia’s side.”
JPMorgan head Jamie Dimon recently warned about an “economic hurricane” soon to come, and it appears that this latest analysis is fleshing out what it might look like.
If Russia cuts oil production by three million barrels per day, or so we are told, then a barrel of oil on the global market will increase in price to $190. In a worst-case scenario, Russia could cut oil production by five million barrels per day, driving a single barrel price up to $380.
Many Western countries, especially in Europe, rely on Russian oil and other fuels to power their economies. Germany, Europe’s largest economy, is already suffering due to its refusal to pay for fuel in Russian rubles following the Ukraine war sanctions.
The “Group of Seven,” as they are called, which lead many industrialized nations, is working on a complex plan, reports indicate, to cap the price that Russia can charge from oil sales to non-G7 countries as part of their next-level sanctions against the country.
“The goal here is to starve Russia – starve Putin of his main source of cash and force down the price of Russian oil to help blunt the impact of Putin’s war at the pump,” announced a senior official in the Biden regime, once again blaming Putin for the situation.
“The dual objectives of G7 leaders have been to take direct aim at Putin’s revenues, particularly through energy, but also to minimize the spillovers and the impact on the G7 economies and the rest of the world.”