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Fortune
Fortune
Christiaan Hetzner

Crude oil prices could soar above $100 a barrel by 2024 Election Day, warns Goldman Sachs

Saudi crown prince Mohammed bin Salman (Credit: Chesnot—Getty Images)

The price of crude oil could soar into the triple digits by the end of next year, potentially affecting Americans’ choice at the ballot box.

Despite growing awareness of the risks posed by extreme climate change, the world’s collective hunger for the black gold has never been higher. According to the latest forecast from the International Energy Agency, demand is expected to reach a new record high of 102 million barrels per day this year.

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