(NewsGlobal.com)- In a research titled “Cruel Summer,” J.P. Morgan anticipated that the national average for regular gas in the United States might surpass $6.00 per gallon in the coming months.
For the tenth day in a row, the national average for regular gas has risen, reaching $4.589 on Thursday. This is a 2-cent increase in the previous day, a 17-cent increase during the last week, and a roughly 49-cent increase in the previous month. Furthermore, according to J.P. Morgan, it will only worsen in the following months, reaching $6.00 a gallon nationwide.
J.P. Morgan commodities research director Natasha Kaneva warned this week that
with robust driving demand expected by August, the national average retail price in the United States might rise another 37 percent to $6.20 per gallon. According to Business Insider, the forecast was released only days before Memorial Day, the usual start of the summer driving season, until early September.
The national average retail price of petrol surpassed $4.50 a gallon for the first time on Tuesday, resulting in a 37 percent increase. According to Kaneva, the price was up roughly $0.50 from a month ago and a “huge rise” from $3.04 a gallon on the same day in 2021.
No state in the country has an average gas price below $4.00, and California is the only one with a price much above $6.00 – $6.061 as of Thursday. Other states with costs exceeding $5.00 per gallon include Hawaii, Alaska, Washington, Oregon, and Nevada.
Florida Governor Ron DeSantis (R) forecast last week that under President Joe Biden’s guidance, petrol prices may reach $6.00.
DeSantis said that the Biden administration is canceling oil and gas leases in places like Alaska, and the people, the people who have to fill up their gas tanks, are paying the price for those awful policies.
He thinks we’re going to see it above $5 a gallon for unleaded, and in places like California, it’ll probably be over $7.00 or $8.00 because of all the taxes they have.
The Florida governor said that that would be massive and cause considerable damage to many working people, and the Biden administration’s constant mishandling might “very well drive this country into a recession.”