Schork Group chief Stephen Schork says oil and gasoline are already “at crazy levels” and warns that prices will only continue to rise as summer travel demand picks up.
The average price per gallon of gasoline in the US stalled a record streak over the weekend.
On Sunday, the price dropped about half a cent to $4.325.
Gasoline prices hit an all-time high of $4.33 a gallon on Friday, according to the AAA.
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American motorists were shocked by gasoline prices even before the national average surpassed record highs last week.
Still, two-thirds of Americans said gas prices are already too high, even as the national average hit $3.53 a gallon a few weeks ago, according to an AAA poll.
According to the data, more than half of motorists, 59%, admitted that if prices reached $4 a gallon, they would change their driving habits or lifestyle.
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Edmonds said the national average has continued to rise since the beginning of the year due to tight supply and increased demand. However, Russia’s invasion of Ukraine two weeks ago sent oil prices skyrocketing, pushing gas station prices to levels not seen in more than a decade.
Daniella Genovese of FOX Business contributed to this report.