The U.S. Is Entering a Severe Energy Crisis
By JIM GERAGHTY
May 20, 2022 12:41 PM
The U.S. is entering a severe energy crisis, and the Biden administration is whistling past the graveyard.
JPMorgan commodities analyst Natasha Kaneva predicts a “cruel summer” ahead.
“With expectations of strong driving demand — traditionally, the U.S. summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September — U.S. retail price could surge another 37% by August to a $6.20/gallon national average,” she wrote in her May 17 research note.
This morning, the national average gas price is $4.59 per gallon — yet another all-time record. The average price in the state of California is $6.06 per gallon. Because prices in California are usually a dollar to $1.50 more than the national average, if Kaneva’s projection is accurate, Californians will be paying $7 to $7.50 per gallon by August.
If gas hits $6 per gallon, there are a lot of U.S. households who will struggle to afford the gas they need to commute to their jobs.
https://www.nationalreview.com/corner/the-u-s-is-entering-a-severe-energy-crisis/