Gas Prices Will Surpass $6 Nationwide By August

Above, gas prices in Essex, California last March.

If you think gasoline prices are outrageous now, just wait until summer. You ain't seen nothin' yet!

From Fox Business:

The average national retail price for a gallon of regular gasoline is projected to surpass $6 by the of summer, according to a recent JPMorgan research note.  

On Wednesday, the national average hit another record, reaching $4.56 per gallon, according to AAA. That's already up nearly 50 cents from a month ago, and $1.52 from this time last year, according to AAA's recent data.  

According to JPMorgan, prices could surge another 37% by August, hitting a $6.20 per gallon national average. 

This is due to "expectations of strong driving demand" throughout the summer driving season, which spans from Memorial Day and lasts until Labor Day, the analysts, led by Natasha Kaneva, the head of JPMorgan's global commodities strategy team, wrote.

Gas prices are already exceeding $6.00/gallon in Los Angeles and San Francisco. 

It is said that there isn't enough refinery capacity to meet the summer demand. Yet there's a mothballed refinery in Jamestown, New Mexico that could be put to use. Some upgrading is needed first. So why isn't it happening?

To read more, go here. 

Let's Go Brandon!