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Gas Prices Maintain Upward Swing Into Memorial Day, JPMorgan Predicts $6.20 Per Gallon By August


Gas prices continued their record-high trends on Wednesday, according to the AAA travel agency’s nationwide tracker, with the national average at $4.599 per gallon, up from $4.598 on Tuesday. Diesel fuel remained at $5.54 per gallon, on average, with a high of $5.57 reached last week.

While regular fuel is only a fraction of a cent higher than Tuesday, AAA’s tracker shows that prices are still increasing as the nation heads into Memorial Day, traditionally the high point in gas prices for the spring season. California residents are paying the most to fill up their tanks at an average of $6 per gallon. Analysts at JPMorgan Chase predict the nationwide average will eclipse the California price by August.

In Japan on Monday, President Joe Biden celebrated insane gas prices as “an incredible transition” away from fossil fuels.

“[When] it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels,” Biden said.

As the administration promotes electric vehicles, which itself is a big win for Beijing, the cost of electric cars remains prohibitively high for Americans coping with inflation that is rising at its fastest pace in four decades. According to Kelley Blue Book in December, the average price of an electric vehicle is north of $56,400. That’s $5,000 more than an entry-level luxury car, which averaged more than $51,300 in November.

Despite daily record-setting gas prices for more than two weeks straight, Biden is doubling down on a domestic energy agenda that’s spiking prices at the pump and jeopardizing the power grid. Earlier this month, Biden canceled oil and gas projects in Alaska and the Gulf while the country braces for blackouts, prompted by lack of water and high temps stretching the grid beyond capacity, which could be deadly amid summer heatwaves.