'More Pain at the Pump to Come,' Stephen Schork Says

The video discusses the tightness of the oil market and its impact on gas prices, highlighting concerns from experts like Goldman Sachs' Jeff Curry. It predicts rising gas prices throughout the summer, with crude oil prices holding at $120 per barrel. As demand increases, especially around the 4th of July, the national average for gas is expected to rise to $5.40 per gallon. The video explains that every dollar increase in oil prices could lead to a two to two and a half cent rise at the pump.

What is the significance of the $120.00 per barrel oil price mentioned in the text?

What factors are contributing to the expected rise in gas prices?