On Wednesday, gas prices shattered another record, reaching $4.65 per gallon for the national average. For the first time in history, gas prices in all 50 states hit $4.00.
AAA spokesman, Andrew Gross said, “The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers. Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”
The average price for a gallon of gas in California jumped to $6 for the first time ever.
JP Morgan predicts a 37% increase by August, with prices reaching $6.20 as the national average. JP Morgan analysts stated:
“Typically, refiners produce more gasoline ahead of the summer road-trip season, building up inventories. However, since mid-April, gasoline inventories have fallen counter seasonally and today sit at the lowest seasonal levels since 2019.”