(TheLastPatriotNews.com) – As if American consumers need more bad news, the investment firm and multi-national bank, JPMorgan Chase & Co., predicts a “cruel summer” with gasoline prices set to skyrocket even higher.
As Breitbart shares in “J.P. Morgan Predicts’ Cruel Summer’ of Gas Prices Above $6“:
“The U.S. national average for regular gas could top $6.00 per gallon in the coming months, J.P. Morgan predicted this week in a report titled “Cruel Summer.”
The national average for regular gas has continued to climb for ten consecutive days, standing at $4.589 on Thursday. That reflects a 2 cent increase over the last day, 17 cent increase over the last week, and a nearly 49 cent increase over the last month. What is more, J.P. Morgan predicts that it will only worsen in the coming months, topping $6.00 per gallon nationally.” [emphasis added]
And here’s the gut punch:
“‘With expectations of strong driving demand … US retail price could surge another 37% by August to a $6.20/gal national average,’ J.P. Morgan’s commodities research head, Natasha Kaneva, said this week.” [emphasis added]
But Americans know how bad the cost of gas is already as, for the first time in history, no state in the nation has an average price for gasoline below $4 per gallon.
And the pain doesn’t stop when Americans pull away from the pump, as inflation is hitting almost every aspect of the American economy.
Further, as is always the case during periods of high inflation and recessions, economists note that lower and middle-class Americans get hurt the most as their paychecks are consumed by higher prices for necessities like food, housing, and energy.
What do you think? Please email [email protected] and share your opinion about the state of the economy and what you expect it will be like in the months ahead. How much are you paying for gasoline where you live? We read all emails and respond to as many as possible. Thank you.