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“You want $3 gas again? you’re going to have to wait maybe six years,” Goldman predicted during a Tuesday appearance on The Situation Room.
That answer stunned co-host Pamela Brown, who could be heard letting out an exasperated “what?” off camera.
“I’m sorry, did I hear you correctly? Did you say 2032?” Brown asked him.
Goldman said that was unfortunately correct, based on what the oil futures market is predicting. For gas to get below $3 per gallon in the U.S., Goldman said the price of Brent crude oil would have to drop below $70 per barrel. But he said there are a lot of roadblocks in the way of making that happen, even if President Donald Trump cuts a deal to end the Iran war in a matter of days.
Goldman pointed to it taking 2-4 weeks just to restart oil production in Iran — before saying it’ll take a lot longer to build the country back up to its manufacturing ability before the war.
“You need to fix your facilities ,because so much of them have blown up, literally, in the war,” Goldman said. particularly the largest LNG port, the largest liquefied natural gas port in the world. That’s going to take about two years to come back online. That’s no joke.”
He then pointed at a chart showing Brent oil futures. Goldman said it is going to take a “huge amount of time” for those prices to hit pre-war prices, when a barrel was going for about $67 the day before Operation Epic Fury started in late February. Brent is trading for around $96.50 on Tuesday, up 0.20%.
Goldman said that two year building period, coupled with the process of undoing the “bottleneck” in the Strait of Hormuz, has the oil market pegging 2032 as the next time oil prices will hit those levels again.
“Wow, alright,” Brown said as Goldman wrapped up his segment.
One man who doesn’t agree with Goldman’s startling report: Trump. CNN rolled footage of Trump predicting gas prices will “drop lower than they were before” the war.
“As soon as it’s over, you’re going to see gasoline and oil drop like a rock,” Trump said in March.
Guess we’ll find out who is correct by 2032.
Watch above via CNN.
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