Experts anticipate the cost to reach $6 per gallon by August.
Analysts at JPMorgan-Chase predict another surge in gasoline prices this summer, saying drivers across the nation could spend more than $6 per gallon to fill up their vehicles by August.
“The hit from higher gas prices is twofold for high-gas-consuming states. Not only do higher prices reduce real income by more than elsewhere, such states appear to be less able to offset higher prices by reducing real demand,” said Peter McCrory, U.S. economist at J.P. Morgan Research.
While some point to the war in Ukraine as the cause of the supply chain’s delivery issues, Senator Ted Cruz of Texas said cutting off domestic resources amid implemented energy policies has caused the high prices. “Record gas prices are the intended effects of [the president’s] deliberate actions,” he said.
The price per gallon is already at $6 and higher in California, while the lowest prices are in Oklahoma, Kansas, and Arkansas.
As the Lord Leads, Pray with Us…
- For the president and his administration as they continue to pursue climate and energy policies.
- For members of Congress as they consider ways to address inflation and the rising price of fuel.
- That the president and his advisors would seek God’s wisdom in managing domestic resources.
Sources: Washington Examiner, MARCA, CNBC
