“Oil has lost its mojo,” declares Tom Kloza. “We may never see oil make moves like it did in 2021-2022.” Turning to the incoming Trump administration, which wants to raise U.S. energy production, he says we are already “the Saudi Arabia and Iran and maybe even Russia of natural gas.” He notes our refining surplus and the fact that gas-powered cars are becoming more and more efficient. However, Tom expects the highest prices for oil next year to be in the first half.