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$6 Gas This Summer? Here’s Why These Big Banks Say It’s Coming

Ready to pay a small fortune to drive to lunch after church? Well you better be, because the idiots in charge are completely incompetent on every level and America, a land of natural resources plenty, is now seeing gas prices reminiscent of the Carter days.

And not only that, but prices already painful and gut-wrenching are set it skyrocket even higher over this summer as demand kicks into a higher gear and the supply remains more limited than it should be.

In fact, according to a recent ZeroHedge article, an article full of high-quality internal data (make sure to check out the data they include in the article to see where their predictions are coming from), gas prices should soon shoot up about 40% more and reach the incredibly painful $6 mark, if not higher than that. As the article put it:

With expectations of strong driving demand — the US summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September — JPMorgan’s commodity strategist Natasha Kaneva warns that US retail prices could surge another 37% by August to a $6.20/gal national average.

How is this possible? Well, as peak US summer driving season begins, record diesel pieces are about to take a back seat to gasoline. Toward the end of April, as the May NYMEX diesel contract climbed into expiry, US diesel prices peaked at a $1.63/gal premium to US gasoline, the highest diesel premium ever. Over the following two weeks, US gasoline prices climbed to close that gap and today gasoline is trading at a 15 cents per gallon premium to diesel

Oh, and what’s exacerbating the crisis right now? For some reason we’re focusing on exporting American energy despite the demand and gut-wrenching prices in America. Again according to ZeroHedge, which is citing JP Morgan for this point:

According to JPM, a major driver in these counter-seasonal draws in gasoline is higher-than-normal exports. Preliminary EIA data suggest that gasoline exports, mostly to Mexico and the rest of Latin America, are averaging about 0.9 mbd since March, about 100 kbd above seasonal norms and nearly 300 kbd above summer rates.

The punchline: if exports persist at this elevated pace and refinery runs, already near the top of the range for reasonable utilization rates, fall within JPM’s expectations, gasoline inventories could continue to draw to levels well below 2008 lows and retail gasoline prices could climb to $6/gal or even higher, according to JPMorgan

Now that’s no good. But it gets worse. Not only are gas prices set to skyrocket and hit an even higher mark, but diesel could be rationed, as reported here recently:

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according to billionaire refinery and fuel station owner John Catsimatidis, America might move beyond the “fuel is too expensive stage” and to the “diesel fuel rationing” stage of shortages and inflation as soon as this summer, as Bloomberg reports:

“I wouldn’t be surprised to see diesel being rationed on the East Coast this summer.

“Right now, inventories are low, and we may see a shortage in coming months,” Catsimatidis, CEO of United Refining Co., told Bloomberg

Skyrocketing gas prices. Diesel shortages and rationing. What’s next, food rationing so that we can…do something? All of you who voted for Biden owe me a “yuge” chunk of gas money, this is ridiculous.

By: Gen Z Conservative, editor of GenZConservative.com. Follow me on Parler and Gettr



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