New York CNN —US oil prices topped $94 a barrel on Wednesday for the first time in over a year, threatening to push up prices at the pump and inflation across the economy.
“There’s not a lot of oil there and that’s causing some nervousness,” said Tom Kloza, global head of energy analysis at Oil Price Information Service.
The surge in oil prices could threaten the ongoing drop in gas prices.
Kloza expressed cautious optimism that gas prices are still going lower, as typically happens after the summer ends.
“We are probably getting in front of our skis a little bit,” Kloza said of energy prices.
Persons:
Cushing, There’s, ”, Tom Kloza, Brent, Goldman Sachs, gunning, Robert Yawger, Yawger, you’re, ” Yawger, Kloza, “, ” Kloza
Organizations:
New, New York CNN, Oil Price Information Service, AAA, Bank of America, Mizuho Securities, Energy, Administration
Locations:
New York, Cushing , Oklahoma, Saudi Arabia, Russia