It looks like it’s going to be an expensive summer! According to Fox Business citing a recent JPMorgan research note, the average national retail price for a gallon of regular gasoline is projected to surpass $6!
As the news site notes, on Wednesday, the national average hit another record, reaching $4.56 per gallon. That’s already up nearly 50 cents from a month ago, and $1.52 from this time last year, per AAA’s recent data. Now, according to JPMorgan, prices could surge another 37% by August, hitting a $6.20 per gallon national average.
“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,” JPMorgan commodities analyst Natasha Kaneva, wrote in her May 17 research note.
RELATED: Gas Prices Plummet To As Low As 99 Cents Over Coronavirus
Meanwhile, other analysts, such as GasBuddy’s petroleum analyst Patrick De Haan, said they don’t see gas prices jumping to $6 nationally: “This is *not* a guarantee,” De Haan wrote on Twitter on Wednesday night, referring to Kaneva’s forecast. “Personally, I just don’t see the stars aligning to see the national average get to the $6/gallon level. However — there’s little margin for error. $5 is a strong possibility. But $6? Not impossible. But improbable. For now.”
Has Biden Addresses These High Gas Prices?
The White House has blamed Russian President Vladimir Putin for the record-high gas prices in the U.S., even coining the surge as the “#PutinPriceHike” and vowing that President Biden will do everything he can to shield Americans from “pain at the pump.” To add,
President Biden also faces pressure from Democrats and environmental groups urging him to do more to combat climate change, even as his legislative proposals on climate and clean energy remain stalled in a sharply divided Congress.
RElATED: Officials Warn About Gas Thieves Targeting Cars Amidst Increasing Gas Prices