JPMorgan Analysts on Soaring Gas Prices: 'U.S. Retail Price Could Surge Another 37% by August'

The average price for gasoline could hit $6 nationwide by the end of the summer after it crossed the dreaded the threshold in California, according to analysts at JPMorgan.

Limited supply exacerbated by the Russian invasion of Ukraine, coupled with what is expected to be sky-high demand as Americans take to the roads this summer for travel, will likely push gas prices even higher.

US crude rose to $114.07 per barrel while Brent crude, the international standard, was trading at $114.86 per barrel as of Tuesday, according to the US Energy Information Administration.

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