According to GasBuddy, the average gallon of petrol in the United States has reached a new high of $5.
All 50 states pay more than $4.40 a gallon, while some California towns spend more than $6.40, with one city costing over $10 per gallon. Drivers in Los Angeles have complained about gas costs that exceed $8 per gallon.
Meanwhile, AAA records indicate that the national average on Friday was $4.986, but it is anticipated to follow GasBuddy numbers and cross the $5 threshold shortly as well.
Analysts at JPMorgan predicted that the price of a gallon of petrol may increase over $6. And there’s little indication of respite at the pump in the coming months, as oil prices continue high, crude stocks remain low, summer demand picks up, and refineries operate at virtually full capacity.
Furthermore, despite announcing a production increase last week, OPEC+ is unlikely to halt the price rise.
“So OPEC+ may be talking about higher production, but the likelihood of those barrels hitting the market via exports is pretty unlikely,” Matt Smith, head oil analyst at Kpler, previously told Insider.
Source: Markets Insider