U.S. gasoline prices are expected to soar above the $3 mark on average and even higher in some parts of the country by Independence Day, according a former oil executive.
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“I think we are headed to over $3 for sure between now and July 4,” former Shell Oil president John Hofmeister said on FOX Business’ “Mornings with Maria” Friday. “States like New York, California and Illinois they will be $3.50 moving toward $4 a gallon.”
His forecast is not far off from the current national average of $2.85 a gallon, according to AAA Gas Prices.
“I think in the heart land of the nation where today it’s still around 2.70, I think they are going to be getting close to $3,” Hofmeister said.
Oil prices posted their biggest dip of the year Thursday trading below $60 a barrel on concerns over rising inventories and global trade outweighing the rising tensions with Iran. Crude oil prices reccoverd some ground early Friday and were up $0.76 a barrel.