Gas prices on the road to $5 nationwide very soon
Prices could reach $5 per gallon by June 17
White House could bring down gas prices, 'they just aren't doing it,' former energy secretary says
Former Energy Secretary Spencer Abraham weighs in on surging gas prices nationwide on 'Fox Business Tonight.'
There is more bad news for U.S. motorists. The national average retail price for regular gasoline jumped four cents to $4.71 per gallon Thursday – yet another record high.
"After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I’m afraid the good news ends there," Patrick De Haan, head of petroleum analysis for GasBuddy, said. "As a result of the continued decline in gasoline inventories in recent weeks, wholesale gas prices surged last week, which will likely boost prices at the pump in short order."
It's becoming even more likely that the national average will reach $5 per gallon and that could hit as soon as June 17, De Haan projected.
GAS PRICES WILL SURPASS $6 NATIONWIDE BY AUGUST, JPMORGAN SAYS
And that's not even the worst of it. According to recent JPMorgan research note, prices could surge another 37% by August, hitting a $6.20 per gallon national average.
A customer pumps gas into their car at a gas station on May 18, 2022 in Petaluma, California. ((Photo by Justin Sullivan/Getty Images) / Getty Images)
Right now, prices are already 52 cents higher than a month ago and $1.67 higher than a year ago, according to AAA.
The average price for gas has already topped $4 a gallon in every state, however, California is the only state where the average price has surpassed $6 per gallon, according to AAA data.
The average retail price for a gallon of regular gasoline in the Golden State reached $6.21 by Thursday.
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However, on the same day, the OPEC oil cartel and allied producing countries including Russia announced they will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy.
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The decision Thursday steps up the pace by the alliance, known as OPEC+, in restoring cuts made during the worst of the pandemic recession. The group had been adding a steady 432,000 barrels per day each month to gradually restore production cuts from 2020.
The Associated Press contributed to this report.