California drivers are already paying $6 a gallon — that could soon become the new normal around the U.S., JPMorgan says.
California drivers are grappling with the most expensive gas in the nation, shelling out an average $6.06 per gallon as of Thursday. That could soon be the fate of drivers in the rest of the nation, according to a JPMorgan analyst, who predicts the national average per gallon price could reach $6.20 this summer.
"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 in her May 17 research note.
"Gasoline balances on the East Coast have been even tighter, drawing to their lowest levels since 2011," Kaneva said. To be sure, Kaneva's forecast is just one view of where the market is going, and it is dependent on the typical summer trend of Americans getting behind the wheel for vacations and road trips. Motorists aggrieved by skyrocketing fuel prices could cut back on driving, putting the brakes on fuel demand.
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