Welp.
We're in trouble.
"U.S. gasoline prices to break above $6," Natasha Kaneva, JPMorgan's head of global oil and commodities research, wrote in a note to investors titled "Cruel Summer," according to Bloomberg. "Typically, refiners produce more gasoline ahead of the summer road-trip season, building up inventories. But this year, since mid-April, U.S. gasoline inventories have fallen counter seasonally."
Yeah, we are ALL in for a world of hurt.
Gas is higher than it's ever been and the Biden administration just wants you to drive a Tesla instead. As if we haven't seen how high power bills are getting.
Here's Ted Cruz on that point:
They want to hurt us, don't they?
More:
The nationwide price of gas hit $4.57 a gallon on Wednesday, an all-time record, according to AAA data. If Kaneva's forecast proves true, prices, which have increased 50.1% over the previous six months, would increase another 31.4% over the next three to four months.
"There is a real risk the price could reach $6+ a gallon by August," Kaneva told CNN after her "Cruel Summer" report was published.
Things are only going to get worse. Production is declining and the Biden Administration is fiddling.
While Biden has tapped the Strategic Petroleum Reserve, attempted to make biofuels more available and turned to Venezuela's authoritarian government for oil, gas prices have continued to hit fresh all-time highs amid the global crisis. At the same time, his administration has continued its war on fossil fuels, canceling all remaining offshore oil and gas lease sales and placing tight restrictions on the federal onshore lease program.
Domestic oil production has declined for three straight months, the latest federal data showed. In addition, total domestic operating refinery capacity dropped 4.5% between 2020-2021 to 17.7 million barrels per day, its lowest level since 2013.
The Biden admin is all out of ideas.
They are too committed to green energy and changing the world in order to do anything about the gas prices. You'll just have to suffer.
I sure could go for some mean tweets and $1.89 gas right now.
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