"Cruel summer": Gas could hit $6.20 per gallon nationally by August, expert says
CBSN
California drivers are facing the most expensive gas in the nation, shelling out an average $6.06 per gallon as of Thursday. That could soon be the fate of drivers in the rest of the nation, according to a JPMorgan analyst, who predicts the national average per-gallon price could reach $6.20 this summer.
That would represent a more than 30% increase from Thursday's national average of $4.59 per gallon, which is a new record gas price, according to AAA.
Consumers are already spending thousands more annually on gasoline due to the months-long hike in prices at the pump, with the typical household spending $4,800 on gas at an annual rate — a 70% jump from a year ago, according to Wall Street economist Ed Yardeni. But more pain could be in store for drivers as the summer travel season kicks off, according to JPMorgan commodities analyst Natasha Kaneva, who described a "cruel summer" ahead.
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