UK Gas Up 96%…. JPMorgan Sees Gas Prices Hitting $6.20 By August In US

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Meanwhile in US – JPMorgan Sees Gas Prices Hitting $6.20 By August

Moments ago we reported that for the first time in US history, gasoline in every single state is above $4/gallon, while the national average US retail gasoline price just topped $4.50 a gallon today, also for the first time. That’s up about 50 cents from a month ago, and a massive jump from $3.04 per gallon on the same day in 2021. While shocking, in just a few months, these numbers may seem quaint and quite low.

With expectations of strong driving demand — the US summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September — JPMorgan’s commodity strategist Natasha Kaneva warns that US retail prices could surge another 37% by August to a $6.20/gal national average.

 

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US -Gas prices average over $4 a gallon in every state for first time – May 18, 2022

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