Nationwide Gas Prices Expected To Reach $6 By End Of The Summer

Financial Analyst Warns Gas Prices Might Reach $6 By The End Of The Summer

Financial analysts are predicting that the national average for a gallon of regular unleaded could jump to $6 by the end of the summer, per FOX4 News reports.

“There is a real risk the price could reach $6+ a gallon by August,” Natasha Kaneva, head of global oil and commodities research at JPMorgan, told CNN in an email on Tuesday.

AAA said gas prices originally went up during the spring due to economic repercussions from Russia’s invasion of Ukraine.

 

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The national average for a gallon of gas is $4.59, almost 50 cents more than a month ago and $1.55 more than a year ago, according to AAA.

The top energy official for the Biden administration told FOX 4 that the national average price is likely to stay above $4 a gallon for the rest of the year.

“I think prices are not going to come down in the next few months. I mean, the summer driving season, you only see an increase in demand, and that’s when prices usually go up even further,” U.S. Secretary of Energy Jennifer Granholm told FOX4 News.