US Will Soon See Average Gas Prices Above $6 A Gallon, JPMorgan SaysThomas Catenacci
Energy & Environment Reporter
May 18, 2022 1:01 PM ET
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The average price of gasoline nationwide could reach $6 per gallon this summer, far above historic levels and near California’s current prices, an analyst at JPMorgan said Tuesday.
“U.S. gasoline prices to break above $6,” Natasha Kaneva, JPMorgan’s head of global oil and commodities research, wrote in a note to investors titled “Cruel Summer,” according to Bloomberg. “Typically, refiners produce more gasoline ahead of the summer road-trip season, building up inventories. But this year, since mid-April, U.S. gasoline inventories have fallen counter seasonally.”
The average pump price in California surpassed $6 a gallon on Tuesday, increasing more than 46% year-over-year, and increased again to $6.05 per gallon Wednesday. The increase represented the first time a state’s average gasoline price was $6 a gallon or more.
The nationwide price of gas hit $4.57 a gallon on Wednesday, an all-time record, according to AAA data. If Kaneva’s forecast proves true, prices, which have increased 50.1% over the previous six months, would increase another 31.4% over the next three to four months.
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https://dailycaller.com/2022/05/18/us-gasoline-six-dollars-gallon-jpmorgan-joe-biden/
