Bank of America predicts crude oil will skyrocket 43% to $120 a barrel by next summer with gas prices already at a seven-year high of $3.40

Americans who are already facing higher gas prices at the pump could feel even more pain in the coming months, a top Bank of America analyst predicts.

In a note this week, Bank of America's head of global commodities Francisco Blanch said he expects the Brent crude benchmark to hit $120 per barrel by July 2022, according to Bloomberg.

That would be a 43 percent increase from current prices, which at around $84 per barrel are at their highest level since 2014.

Gasoline prices, which on Thursday hit a national average of $3.415 per gallon according to the AAA index, are also at their highest level in seven years.

Poster Comment:

Inflation will kill Donkey pols in 2022.