Biden's America: JPMorgan analysts say you'll be paying $6 per gallon for gas this summer

[SugarDaddy1]

As the average price for gasoline reached $6 per gallon in California on Tuesday, analysts at JPMorgan are warning that price could be the norm everywhere in the country by the end of summer.

The national average price of gas is now at a record high of $4.57 per gallon, according to the American Automobile Association. That number is a 16 cent increase from the average last week, a 48 cent increase over last month, and nearly $1.50 more expensive than the national average last year, which was $3.04. Every state now has an average gas price above $4 per gallon, with Georgia, Kansas, and Oklahoma catching up to the rest of the country as of Tuesday.

Prices are expected to continue to rise as the ongoing war between Russia and Ukraine disrupts international supply chains while at home, the Biden administration has canceled oil and gas lease sales. With more Americans expected to travel for work or vacation over the summer, a likely increase in demand for gas could push prices up even higher.

"There is a real risk the price could reach $6+ a gallon by August," JPMorgan analyst Natasha Kaneva told CNN on Tuesday. JPMorgan predicts that prices could soar another 37% by August as East Coast gasoline inventories have reached their lowest level since 2011.

https://www.theblaze.com/news/jpmor...ll-be-paying-6-per-gallon-for-gas-this-summer

 

[ll74]

Biden offered new leases and received no demand from oil producers so they retracted the lease offers

Oil companies are the ones causing the bottleneck in the US. The demand is there, but they are simply not putting the effort in to increase the supply...why would they when they can raise prices and relay on you dipshits to blame Biden??

 

[ll74]

And here is the part that the blaze skips over..oil companies aren't increasing supply even though the supply is being drained because of the exports which are responding to the war.

You dipshits need to place blame at the fucker in Russia because that's precisely where it belongs.

JPMorgan notes that East Coast gasoline inventories are at their lowest level since 2011. The central driver behind the drawdown of inventories is higher-than-normal exports of gasoline, analysts at the bank said.

As high as prices are in the United States, they're much higher in Europe, which is dealing with the loss of supply from Russia. That's a major factor driving up exports from US and Canadian refineries that would normally supply Eastern US gas stations.
"If exports persist at this elevated pace and refinery runs -- already near the top range for reasonable utilization rates -- fall within our expectations, gasoline inventories could continue to draw to levels below 2008 lows and retail gasoline prices could climb to $6/gallon or even higher," the JPMorgan analysts wrote.

 

[HisArpy]

Biden offered new leases and received no demand from oil producers so they retracted the lease offers

Oil companies are the ones causing the bottleneck in the US. The demand is there, but they are simply not putting the effort in to increase the supply...why would they when they can raise prices and relay on you dipshits to blame Biden??

Lol, it's like you have no fucking clue.

The leases were in areas the oil companies have previously determined to be low or non-productive. Of course they didn't want them.

 

[Sean Renaud]

Citation is needed on that.

 

[John_von_Neumann]

I have as much confidence in Rapey’s comprehension of petroleum economics as I do his comprehension of the difference between organic and inorganic chemistry.

 

[Chobham]

Biden offered new leases and received no demand from oil producers so they retracted the lease offers

Oil companies are the ones causing the bottleneck in the US. The demand is there, but they are simply not putting the effort in to increase the supply...why would they when they can raise prices and relay on you dipshits to blame Biden??

Bogus bull shit. Biden offered NOTHING that would relieve the shortage.

 

[ll74]

Bogus bull shit. Biden offered NOTHING that would relieve the shortage.

He offered federal land for leasing.
https://www.cnbc.com/amp/2022/04/15...or-oil-and-gas-drilling-on-federal-lands.html

The only thing that will relieve the shortage is for oil companies to refine more oil, faster. They have the land to do so.

 

[Rightguide]

It’s the left’s way to force you to go electric

At this rate, the American economy will be destroyed long before the technology and electric infrastructure come online. Just read an article this morning that diesel prices in California are just under $7.00 a gal. You can imagine what that will do to drive up costs all along the supply chain for goods being shipped inland from west coast ports.

 

[Rightguide]

Lol, it's like you have no fucking clue.

The leases were in areas the oil companies have previously determined to be low or non-productive. Of course they didn't want them.

He has no clue. There's now a whole new regulatory process for shale drilling put in place by Biden's Green Commies that threatens the cost-effectiveness of beginning a shale well, which is much cheaper and takes less time to bring online.

 

[ll74]

If the only way to compel energy companies to increase supply is to reduce protections and regulations that are essential to society,then there a large problem

 

[pecksniff]

Just what the left wants Chaos

Why would the left want chaos?

 

[ll74]

W why didn’t we have an issue before dementia guy and quit blaming Russia

We did have an issue. We just didn't have a situation that exposed that issue....like the pandemic.

 

[ll74]

There’s been nothing but that sense he took over
Boarder mess pandemic mess inflation mess ect ect

You are delusional

 

[ll74]

Baa Baa Baa just like the rest of the liberal sheep
Don’t want to see the truth they are so brainwashed

Yes, I get that you believe the truth is that everything bad is because of Democrats and that everything good is because of Republicans and don't understand the problem with that.

 

[pecksniff]

There’s been nothing but that sense he took over
Boarder mess pandemic mess inflation mess ect ect

By "he" you mean Biden, but you were talking about the left, which is not the Democrats, wanting chaos. Why would the left want chaos? For that matter, why would the Democrats?

 

[Sean Renaud]

At this rate, the American economy will be destroyed long before the technology and electric infrastructure come online. Just read an article this morning that diesel prices in California are just under $7.00 a gal. You can imagine what that will do to drive up costs all along the supply chain for goods being shipped inland from west coast ports.

If only someone had started a plan to avoid this over forty years ago. Jimmy something. .. and then if only the Right hadn't given the signal not to continue down this road. . .Ronnie something.

Seriously everything wrong with modern day America can be traced back to Reagan.

I'm still waiting for someone to show me what specific regulations were put in place, I doubt any of them would have helped in the shrot term but I'm still curious.