Experts predict gas prices will surpass $6 by the end of summer

Motorists have been waiting for a big break at the gas pump, but experts are saying don’t hold your breath. According to JP Morgan, gas prices are expected to hit an all time high by the end of summer, climbing to $6.20 per gallon. A surge in prices is expected to hit this weekend, as families prepare to hit the roads for Memorial Day.

Natash Kaneva, head of JP Morgan’s global commodities strategy said the soaring prices can be attributed to the “expectations of strong driving demand” as we approach the peak season for traveling. “Typically, refiners produce more gasoline ahead of the summer road-trip season, building up inventories, However, since mid-April, gasoline inventories have fallen counter seasonally and today sit at the lowest seasonal levels since 2019,” said Kaneva. The analyst continued to say the spike is expected to last through Labor Day.

As of today, Louisianians are dishing out an average of $4.24 at the pump. The cheapest fuel in Terrebonne Parish can be found at Sam’s Club located at 2174 Martin Luther King Blvd, at $4.04 per gallon.