JPMorgan analysts warned in a research note Tuesday that prices could surge another 37% by August, reaching a national average of $6.20 per gallon.
The Schork Group principal Stephen Schork says the U.S. doesn't have the oil refinery capacity to meet demand.is projected to surpass $6 by the of summer, according to a recent JPMorgan research note.
This is due to "expectations of strong driving demand" throughout the summer driving season, which spans from Memorial Day and lasts until Labor Day, the analysts, led by Natasha Kaneva, the head of JPMorgan's global commodities strategy team, wrote.
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