Gas Prices: Experts predict that gas could reach $ 6 a gallon by August

According to AAA, national gas prices reached a record high of $ 4.59 on Tuesday. As a result, people across the country are wondering if fuel prices are about to fall. Some experts predict that gas prices will only continue to rise. Fox news..

$ 6 a gallon? JP Morgan analysts predict that the national average gas price will rise 37% to a maximum of $ 6 per gallon by August. Fox news Said.

  • These forecasts, coupled with low fuel supplies, are based on high national operating expectations. Americans spend more time on the road, usually during the summer, from Memorial Day to Labor Day.
  • Fuel companies usually produce a lot of gas in advance for the summer. But this summer, gas inventories are at their lowest levels since 2019. Fox news report.
  • “In reality, I think gas prices are rising during the summer, and perhaps until the end of the year,” said Severin Borenstein, an analyst at the Berkeley Energy Institute. CBS News.. “But we won’t see $ 2 or $ 3 petrol in the near future.”

Yes, but: JP Morgan’s predictions are just one analysis. Some experts believe that 6 gallons of gas are unlikely to hit the pump in such a short amount of time.

  • Andy Lipow, President of Lipow Oil Associates, said: CNN That demand needs to skyrocket not only in the United States but around the world for gas prices to rise so high.
  • “It’s hard to reach $ 6. Before we get there, there will be significant demand disruptions here and around the world,” Lipow said.
  • “Personally, I think we’ll see a recession before the national average reaches $ 6,” said Patrick de Khan, head of oil analysis at Gasbuddy. CNN..
  • JP Morgan’s report also acknowledges that demand may be lower than currently expected. Fuel demand is on average about 500,000 barrels less than JP Morgan predicted. CNN..

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