Goldman Sachs predicted this week that the price of oil could reach $100 per barrel this year – a trend that would likely increase pressure on the Biden administration to address an ongoing energy crisis.

In a note to clients, Goldman Sachs analysts said they expect Brent crude to top $100 per barrel in the third quarter of 2022. Prices could climb as high as $105 within the first three months of 2023, according to their projections.

Goldman noted a “surprisingly large deficit” in the oil market as demand remains high despite a surge in COVID-19 cases driven by the Omicron variant. Oil inventories could hit their lowest level since 2000 by this summer, the analysts warned.