Gas prices will continue to rise, expert advises

U.S. Commerce Secretary Gina Raimondo dashed any hope that the federal government can do much to lower gasoline prices this summer, a Poynter Institute briefing explains.

Raimondo told CNN, “You know, this is, in large part, caused by (Russian President Vladimir) Putin’s aggression. You know, since Putin move troops to the border of Ukraine, gas prices have gone up over $1.40 a gallon, and the president is asking for Congress and others for potential ideas. But as you say, the reality is that there isn’t very much more to be done.”

Tom Kloza, global head of energy analysis for the OPIS, which tracks gas prices for AAA, said the average price of a gallon of gasoline – which is now $4.87 – will rise even further.

“I think we reach $5 somewhere between this weekend and Juneteenth/Father’s Day weekend,” he said.

Alaska, Arizona, California, Hawaii, Indiana, Maine, Massachusetts, Michigan, New Jersey, Illinois, Nevada, Oregon and Washington already are above the $5 per gallon average and several other states are pennies away from that level. JP Morgan Chase analysts say $6 per gallon may be the national average by the end of the summer. Goldman Sachs told clients that oil, now trading for $120 a barrel, might go to $140 by fall.