Posted on 05/18/2022 12:59:29 PM PDT by bitt
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.
“There is a real risk the price could reach $6+ a gallon by August,” Kaneva told CNN after her “Cruel Summer” report was published.
Inflation and the economy have ranked among Americans’ top priorities in recent polls which show President Joe Biden’s approval dipping to new lows. Just 33% of respondents said they approved of Biden’s job on the economy, down from 52% a year ago, and a lowly 23% approved of the president’s handling of inflation, according to a NBC News poll released Sunday.
While Biden has tapped the Strategic Petroleum Reserve, attempted to make biofuels more available and turned to Venezuela’s authoritarian government for oil, gas prices have continued to hit fresh all-time highs amid the global crisis. At the same time, his administration has continued its war on fossil fuels, canceling all remaining offshore oil and gas lease sales and placing tight restrictions on the federal onshore lease program.
...more
Yep. Some of America’s dumbest. Unfortunately, there is quite a bit of them out there.
I am waiting for 22,000 then I start dollar cost averaging back in. Actually, I am basing it more on the Russel 2000, but close enough for that Dow level.
Correct. By design. No better way to destabilize the Country and then march in communism and the NWO.
The filthy sonofabitch.
Going out on a limb are they?
We already have some stations charging close to $7.00.
It was already $6.79 a few days ago, and with prices rising
like they are, I’m sure they’re up again since.
My commute will be 433 dollars a month (at $6 per gallon). Under Trump, it was around 180 dollars (at $2.50 per gallon). That is a significant additional expense for my large family that is seeing our spending power ever decreasing in other areas. This is going to be a significant personal problem for us shortly. We probably won’t make it very long at these prices. My wife drives the kids around in something that gets 15 mpg.
Yeah? Who’s gonna stop him?
You left out the Republirats.
Come on man, the target is $10 a gallon
Just change it to Liters. The wise Germans were still ticked about that in the late 80s.
Stolen elections have consequences.
apparently gas stations are adding another space on the pumps so they can display more than $9.99
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.