Although oil prices could see a spike to the $80 range, they will most likely settle near $60 a barrel, said Dennis Gartman, founder of The Gartman Letter.
"I guess you could get crude back to $55 to $60 a barrel—$55 probably cuts off exploration, $80 probably brings into consideration a continued decline in usage, a curtailment on the part of U.S. consumers for driving," Gartman told CNBC.
Currently, the average price for a gallon of gasoline is $2.619, below the $4 a gallon that hit a year ago but well above the $2.195 of just a month ago. Gartman said the rising price is likely to deter consumers from purchasing gas.
"For the consumer, it's probably the only price that he actually sees on a daily basis is what he or she pays for gasoline," Gartman said. "When you see gasoline prices getting to $2.75, $3 [a gallon] it works against you psychologically, and your propensity to go out and buy other goods obviously gets diminished."
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