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.
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I’m expecting $7.50ish here in CA. (Nominally $1.50 higher then other parts of the country) That’s only a buck or so higher than it is now.
All by design. LETS GO BRANDON!!
I need some documentary on Venezuela.
Nobody will do anything until every last Dem gets booted from office.
They’re imposing lock-downs with gas prices instead of a shamdemic.
“All by design. LETS GO BRANDON!!”
They think we can afford electric vehicles. With prices over $6 it will not be a recession; it will be a Great Depression.
LETS GO BRANDON!!
I guess Putin never should have shut down the pipeline here in the U.S. 1 1/2 years ago.
Expose em ALL.
“Remember in November”
Beat em ALL in the Election.
Remove em All.
Try em ALL for their crimes.
Punish them all.
“He who can destroy a thing, controls a thing.”
FJB
FDNC
FRats
Let’s Go Brandon!
Transportation Secretary Buttigieg will get right on that issue after mandating some more bicycle lanes.
Electricity prices are soaring as well.
Several MILLION voted for Democrats just YESTERDAY...
They’re already stealing gas in Cali and in big ways. Parking over the lid to the in ground tank and pumping it out into heavy truck with 1000s of gallons of tanks.
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