Nationwide Gas Prices Could Hit Staggering New High By August, Top U.S. Bank Analyst Says

Analysts at a top U.S. bank are warning that nationwide gas prices could skyrocket from their current $4.589 average per gallon to more than $6 per gallon by the end of summer.

Natasha Kaneva, head of global oil and commodities research at JPMorgan, wrote in a research document that the U.S. was in for a “cruel summer” as gas prices were expected to continue smashing records.

“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,” she wrote.

“Typically, refiners produce more gasoline ahead of the summer road-trip season, building up inventories,” the analysts said. However, over the last several weeks, “gasoline inventories have fallen counter seasonally and today sit at the lowest seasonal levels since 2019.”

Gas prices continue to break records on a continual basis during Democrat President Joe Biden’s administration, with the average price for a gallon of gas being more than $4 per gallon in every state across the U.S.

The news comes as some places have already started to experience gas prices of more than $6 per gallon, including Los Angeles County and Orange County.