{"id":480158,"date":"2022-08-02T00:07:30","date_gmt":"2022-08-01T21:07:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/former-oil-exec-warns-gas-will-exceed-5-again-amid-recession-worries\/"},"modified":"2022-08-02T00:07:30","modified_gmt":"2022-08-01T21:07:30","slug":"former-oil-exec-warns-gas-will-exceed-5-again-amid-recession-worries","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/former-oil-exec-warns-gas-will-exceed-5-again-amid-recession-worries\/","title":{"rendered":"#Former oil exec warns &#8216;gas will exceed $5 again&#8217; amid recession worries"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a0e7f65eb2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a0e7f65eb2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/former-oil-exec-warns-gas-will-exceed-5-again-amid-recession-worries\/#%E2%80%9CFormer_oil_exec_warns_%E2%80%98gas_will_exceed_5_again_amid_recession_worries%E2%80%9D\" >&#8220;Former oil exec warns &#8216;gas will exceed $5 again&#8217; amid recession worries&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CFormer_oil_exec_warns_%E2%80%98gas_will_exceed_5_again_amid_recession_worries%E2%80%9D\"><\/span>&#8220;Former oil exec warns &#8216;gas will exceed $5 again&#8217; amid recession worries&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Joe Petrowski, former CEO of\u00a0Cumberland Farms Gulf Oil Group, said on Monday that he is \u201cabsolutely certain\u201d the United States will be in a recession.<\/p>\n<p>Speaking on \u201cMornings with Maria,\u201d he noted that a recession usually comes along with \u201cevery energy crisis,\u201d especially since energy is 7% of\u00a0gross domestic product (GDP), the broadest measure of goods and services produced across the economy.<\/p>\n<p>He made the argument four days after it was revealed that the\u00a0U.S. economy shrank\u00a0in the spring for the second consecutive quarter, meeting the criteria for a recession as record-high inflation and higher interest rates forced consumers and businesses to pull back on spending.<\/p>\n<p>GDP shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists\u00a0expected the report to show the economy had\u00a0expanded by\u00a00.5%.\u00a0<\/p>\n<p>Recessions typically refer\u00a0to two consecutive quarters of negative economic growth and Thursday\u2019s GDP report revealed back-to-back declines in growth, bringing the economy to the technical criteria for one.\u00a0<\/p>\n<p>Economic output already fell over the first three months of the year, with GDP tumbling 1.6%, the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID-induced recession.\u00a0<\/p>\n<p>The Labor Department revealed last month that\u00a0inflation accelerated more than expected\u00a0to a new four-decade high in June as the price of everyday necessities remains painfully high.<\/p>\n<p>The department said the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 9.1% in June from a year ago. Prices jumped 1.3% in the one-month period from May. Those figures were both far higher than the 8.8% headline figure and 1% monthly gain forecast by Refinitiv economists.\u00a0<\/p>\n<p>The data marked the\u00a0fastest pace of inflation\u00a0since December 1981.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/recession-energy-crisis-05.jpeg?w=1024\" alt=\"Joe Petrowski, former CEO of\u00a0Cumberland Farms Gulf Oil Group, said Monday he's certain the U.S. will enter a recession.\" class=\"wp-image-23286273\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/recession-energy-crisis-05.jpeg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/recession-energy-crisis-05.jpeg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/recession-energy-crisis-05.jpeg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Joe Petrowski, former CEO of\u00a0Cumberland Farms Gulf Oil Group, said Monday he\u2019s certain the U.S. will enter a recession.<\/figcaption><figcaption><span class=\"credit\">LinkedIn<\/span><\/figcaption><\/figure>\n<p>Price increases extended across the board:\u00a0Energy prices\u00a0rose 7.5% in June from the previous month, and are up 41.6% from last year. Gasoline, on average, costs 59.9% more than it did one year ago and 11.2% more than it did in May. The food index, meanwhile, climbed 1% in June, as consumers paid more for items like cereal, chicken, milk and fresh vegetables.\u00a0<\/p>\n<p>On Monday, the average price of\u00a0a gallon of gasoline\u00a0slipped to $4.21, according to AAA, steadily declining since reaching a high of $5.01 on June 14.<\/p>\n<p>On Monday, oil prices dropped as weak manufacturing data from China and Japan for July weighed on the outlook for demand and as investors braced for the upcoming meeting of OPEC officials regarding potential supply adjustments.<\/p>\n<p>Brent crude futures were down 4.5%, at $99.30 a barrel on Monday morning. U.S. West Texas Inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te crude was at $92.63 a barrel, down about 6%.<\/p>\n<p>Brent and WTI ended July with their second straight monthly losses for the first time since 2020, as rising inflation and higher interest rates raise worries of a recession that would impact fuel demand.\u00a0<\/p>\n<p>Petrowski argued that the oil\u00a0market\u2019s gone down from its\u00a0highs because \u201cthere\u2019s a significant amount\u00a0of people that believe there\u2019s\u00a0either going to be a recession\u00a0or that we\u2019re in one now.\u201d<\/p>\n<p>He noted that he is not sure whether the U.S. is in a recession now, but said that he is confident the country will be in a downturn in the near future.<\/p>\n<p>Fox Business host Charles Payne joined \u2018Kennedy\u2019 to weigh in the U.S. economy entering a technical recession after GDP fell in the second straight quarter.\u00a0<\/p>\n<p>\u201cI just don\u2019t know how\u00a0you\u2019re not going to have a\u00a0recession with food prices where\u00a0they are [and with waning] consumer spending,\u201d he added.\u00a0<\/p>\n<p>\u201cI know everybody keeps\u00a0dropping back to the labor\u00a0market.\u00a0That\u2019s a lagging indicator, not\u00a0a leading indicator.\u201d\u00a0<\/p>\n<p>Last month it was revealed that the U.S. labor market remained solid in June as hiring paced ahead of expectations.\u00a0<\/p>\n<p>U.S. employers\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.foxbusiness.com\/category\/jobs\">added 372,000 jobs\u00a0<\/a>during the month compared with 390,000 in the prior month signaling inflation had a limited impact on hiring thus far. The unemployment rate held steady at 3.6% for the third month in a row. \u00a0<\/p>\n<p>Employment data for July will be released on Friday.\u00a0<\/p>\n<p>\u201cI really do believe as we go\u00a0through the summer we\u2019re going\u00a0to see crude reach back to $150\u00a0a barrel and oil before Labor\u00a0Day will be at that level and\u00a0retail gasoline prices will\u00a0exceed $5 again,\u201d Petrowski warned.\u00a0<\/p>\n<p><em>FOX Business\u2019 Megan Henney contributed to this report.\u00a0<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/08\/01\/former-oil-exec-warns-gas-will-exceed-5-again-amid-recession-worries\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Former oil exec warns &#8216;gas will exceed $5 again&#8217; amid recession worries&#8221; Joe Petrowski, former CEO of\u00a0Cumberland Farms Gulf Oil Group, said on Monday that he is \u201cabsolutely certain\u201d the United States will be in a recession. Speaking on \u201cMornings with Maria,\u201d he noted that a recession usually comes along with \u201cevery energy crisis,\u201d especially&#8230;<\/p>\n","protected":false},"author":1,"featured_media":480159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/recession-energy-crisis-99.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[131932,5069,70752,94183,74489,91261],"class_list":["post-480158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-8-1-22","tag-economy","tag-energy","tag-gas","tag-oil-prices","tag-recession"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/480158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=480158"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/480158\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/480159"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=480158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=480158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=480158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}