Following a brief dip, gas prices are projected to surge once again, with the national average potentially reaching $4.20 a gallon, according to an industry expert.
Over the past week, gasoline futures rose 30 cents "which is just bad news for the consumer," according to Andy Lipow, president of Lipow Oil Associates.
The national average price for a gallon of regular gasoline on Monday is $4.08, according to AAA estimates.
Lipow projects the national average will climb back to between $4.15 and $4.20 per gallon even with some states suspending gas taxes.
Georgia, Maryland and Connecticut have suspended their state excise taxes on gasoline which would have lowered the national average, however, Lipow told FOX Business that "the news stories of last week caused a significant price rally that offsets some of those tax savings."
Lipow is referring to OPEC Secretary General Mohammed Barkindo's remarks that "OPEC+ could not replace a complete loss of Russian oil to the market," as well as reports that the "EU is considering adopting a phased in ban on the purchase of Russian oil and gas."
"These two items show the magnitude of the supply gap should Russian oil be banned by the USA and the European Union or completely shut out of the world market," Lipow added.
For instance, Lipow noted that Russia supplied over 4 million barrels of oil per day to Europe and another 700,000 barrels of oil per day to the United States in 2021.
"How does the world come up with nearly 5 million barrels per day of alternate supplies if the European Union were to ban all Russian oil imports? Lipow said. "It simply can’t do it today."
On top of that, two Libyan oil ports were also recently shut down due to protests calling for the country's prime minister to resign, exacerbating the issue, according to Lipow.