After a strong first half of the year, oil just posted its worst month since July 2015.
Despite fears that the commodity could retest the mid-$30 range, one closely-followed oil watcher is especially bullish on where energy is heading in the coming months and years—and investors should not get comfortable with currently low prices.
"It may get a little uglier with some European refinery shutdowns," admitted Tom Kloza recently on CNBC's "Futures Now " when discussing the potential for a near-term slowdown in the U.S. "But this is very seasonal."
The global head of energy analysis for the Oil Price Information Service (OPIS) explained that, while he expects to see a $39 handle for oil in the coming weeks, prices will see significant gains in the long-term.
"I'm pretty comfortable in predicting that crude oil prices will be much higher one year from now, two years from now, and three years from now with prices perhaps in the $50 to $75 range," Kloza told CNBC.
"But, like the New York Yankees, we may have to waddle through a long period of mediocrity and pain until things turn around," he added.
Crude oil hit a 2016 high of $51.67 on June 9, but has since fallen nearly to 20 percent.
When pressed on gas and oil's ongoing issues amid a global supply glut, Kloza quoted a classic 90s sitcom.
"On 'Seinfeld', they had the 'Bizarro World', " said Kloza, referencing an episode of the hit show that was itself a reference to a character from the Superman comic book that was a monster version of the Man of Steel.
"Now, we're seeing the Bizarro World where gasoline, out on the West Coast is selling for under $50 a barrel, the lowest price in the country on a spot basis," Kloza said. "It's very unusual and speaks to what happens when all refineries run at pretty high levels."
Kloza added that, by Monday, he suspects at least half of all U.S. gas stations will offer gasoline for less than $2 per gallon.
Ultimately, OPIS sees gas at $2 per gallon or less for motor fuel during the key innings of the 2016 presidential campaign from Labor Day through Election Day. This is because gasoline production and imports are blending, and have all contributed to record supplies.
From here, Kloza anticipates that, barring a major hurricane, the U.S. will end the driving season with the highest gasoline inventories in history. On Friday, The AAA cited the national average for gasoline at $2.13.