Fast trader Brian Kelly often says, investors need to ask themselves one question, “Do you think oil prices will stay high for a sustained period of time?
And according to Gulf Oil CEO Joe Petrowski the most likely answer is yes.
In an exclusive interview, when asked about the unrest in the Mideast, Petrowski tells the desk, “I’m very, very concerned. We’re getting 35 million barrels from a concentrated region that’s in the middle of a big upheaval.”
He goes on to say, “unless we get higher interest rates or see a slowdown in China I think oil will be at $125 by Memorial Day.”
If Petrowski’s forecast is right then prices at the pump will spike at the worst possible time; as we enter the summer driving season.
Petrowski also says expect consumers to retrench.
He tells us the tipping point is about .50 cents away. When asked at what price do consumers really start to change their purchase patterns he says, ”we’ve comes up with a figure between $3.75 - $4.”
If you believe the recovery is tethered to the price of oil, this is an interview that you won't want to miss. Watch the video now!