Crude Oil Price Surge Warning: $150 a Barrel Looms

Bank of America has warned that Brent crude oil could rise above $150 a barrel if supply disruptions worsen. This is not their main forecast, but rather a potential outcome under more severe conditions. The bank's year-end forecast for Brent crude is $95 a barrel.

If the price were to climb from $100 to $150 per barrel and the full increase reached consumers, it would add about $1.19 per gallon to gasoline and diesel prices. A 42-gallon barrel contains 42 gallons, so a $50 increase in crude works out to approximately $1.19 per gallon before changes in refining costs, distribution, and taxes.

For drivers, the difference could be substantial. The national average for regular gasoline could approach $5.67 a gallon, compared with $4.48 in the latest U.S. Energy Information Administration (EIA) weekly survey. A 15-gallon fill-up would cost about $18 more.