Experts say there will be no relief from high gas prices in the near future, with prices likely to rise from $4.50 to $5.00 a gallon in the near future.

Vicki Hollub, CEO of Occidental Petroleum, said  “My expectation is it’s going to get worse for consumers. Spare capacity is at a multi-decade low. New production is insufficient to meet demand. Oil is going to continue to stay at high prices and gas prices will stay high, as well.”

In a nutshell, China is emerging from lockdown, the EU is working on a full Russian oil ban, OPEC refuses to increase production, and the US is heading into a travel season.

This will affect everything from consumer purchasing power to product delivery costs, meaning there is no relief in sight for this year’s economic troubles.