Industry experts now predict that the price of a gallon of gasoline could rise to $6 across the United States by the end of the summer, a crippling blow to a shaky economic recovery under President Biden and the Democrat Party.
“There is a real risk the price could reach $6+ a gallon by August,” Natasha Kaneva, head of global oil and commodities research at JPMorgan, told CNN on Tuesday.
“With expectations of strong driving demand … US retail price could surge another 37% by August,” JPMorgan analysts wrote in a key analysis.
According to AAA, the national price for a gallon of gas hit $4.56 Wednesday, the highest on record. Prices at the pump topped $6 at some stationsin California, New York City, San Francisco, and Hawaii.
$6 per gallon is now the statewide average. It's time for another vote on suspending the gas tax.
— Kevin Kiley (@KevinKileyCA) May 17, 2022
“California leads the nation in highest average price per gallon, according to AAA. As of Wednesday, a gallon of gas in the Golden State cost $6.05. Motorists in the Bay Area as well as Los Angeles County were feeling the pinch,” writes the NY Post.
California's $6 gas prices may spread nationwide, analysts warn https://t.co/ze6cOsk3GI pic.twitter.com/XoYcRmxkAC
— New York Post (@nypost) May 18, 2022
Read the full report here.