January 1, Gas Could Soon Hit $6, Experts Say

Experts say that gas could reach $6 per gallon nationwide before this summer is over.

“There is a real risk the price could reach $6+ a gallon by August,” said Natasha Kaneva, JPMorgan’s head of global oil and commodities research.

Kaneva’s statement comes after JPMorgan’s report, titled Cruel Summer, which said: “With expectations of strong driving demand…US retail price could surge another 37% by August.”

AAA data shows that the national average for gas hit a record high of $4.52 per gallon — up 44 cents in one month.

However, some industry experts say the average may not hit $6.

“It’s hard to get to $6,” said Andy Lipow, president of Lipow Oil Associates. “Before we get there, we would have significant demand destruction, not only here, but around the world.”

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California’s $6 gas could spread nationwide, JPMorgan warns