Energy Source: US Faces Summer Fuel Price Surge

$6-a-gallon petrol is coming, JPMorgan says.

Justin Jacobs, Financial Times
pump-prices

JPMorgan analysts say U.S. petrol prices could surge well past $6 a gallon as the American summer driving season. (Source: Shutterstok.com)

Prices at the pump have gotten even more painful of late—and things could get much worse.

In the U.S., the national average petrol price topped $4.55 a gallon on May 18, a fresh record high. Diesel is more than $5.50 a gallon at the pump, another record, according to the Automobile Association of America. Prices in the UK and across Europe are at all-time highs too, fuelling a surge in inflation and weighing heavily on the global economy.

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