JP Morgan predicts gas over $6.00 a gallon soon

[Takket]

https://www.clickondetroit.com/consumer/help-me-hank/2022/05/20/national-average-for-a-gallon-of-gas-could-reach-620-this-summer-report-says/

DETROIT – Gas prices are soaring, but just how high will they go?

According to a new report by J.P. Morgan Chase, the national average could reach $6.20 per gallon very soon.

Currently, people are paying about $4.30 per gallon.

If gas reaches $6.20 per gallon, and you average about 20 miles per gallon, a trip from Detroit to Traverse City will cost $79.

[Celerity]

1. I recall someone saying it was over 10 usd a gallon in parts of CA

[jimfields33]

22. They changed the reconfiguration in Washington state to allow for ten dollars a gallon

Perhaps that’s what was meant.

[tinrobot]

41. Not yet. Highest I've seen is around seven.

California is also leading the way in EV adoption. There's a good financial reason for that.

[Samrob]

74. Thry (1% and their oil investors) are saying that so they can raise the price to that and blame

the Biden administration. There really is no reason for it.

[JanMichael]

2. And we won't even get public trans availability from the high prices.

At least in the past gas was high in places with trains and trams because taxes paid fro the perks.

Now it's just nasty Big Oil profits.

[dem4decades]

3. That's going to be the end of this country.

[roamer65]

5. It will be the end of gas guzzling SUV's.

People in the country will buy smaller sedans that get better gas mileage.

I get 41 mpg from my 2017 Chevy Cruze on long trips.

It will be like 1979 all over again.

[dem4decades]

11. No, people are going to blame the Democrats and once Republicans get back in power

There won't be anymore legitimate elections. Thus the end of the country, and probably everything else toom

[roamer65]

18. Possibly.

But I don’t think gas prices will be the main catalyst.

I think a Roe overturn will definitely pit state against state and bring us back to a 1860 redux.

[BannonsLiver]

29. Well if that's all it takes then it wasn't worth a shit anyway

[dem4decades]

33. I'm not going to argue with you. First they took over the state legislatures, then

The Supreme Court, now the state election officials. Big money owns this country and it has the morons as their muscle. I only hope some states can remain some sort of refuge.

[Mysterian]

76. Destroyed by the electoral college and the apportionment of senators for dirt

This will be the legacy of the founding fathers. They were so afraid of a "dictatorship of the majority" they created a system designed to fail.

[KentuckyWoman]

4. Predicting? Or hoping?

I will be happy if they resist helping to orchestrate it.

[doc03]

6. I think it is time to get tough on MBS in Saudi Arabia. nt

[roamer65]

8. Wanna get really tough on him?

Fuel rationing to kill the demand for his oil.

[doc03]

13. That didn't work so well in the 70s. nt

[roamer65]

14. Stakes are a lot bigger now.

Climate change.

Only way to control CO2 emissions is to control the amount of hydrocarbons consumed OR reduce the amount of people burning them.

I have one of the gas rationing coupons that were to be used in the 1970’s. Neat little piece of nostalgia.

[Ace Rothstein]

21. It would probably lead to Republican supermajorities in Congress.

[roamer65]

24. There won't be a United States if that happens.

Overturn of Roe is gonna probably be a bigger catalyst for the breakup of this country, especially if Repukes take Congress and the Presidency.

[Mr.Bill]

58. The only rationing we did was the odd/even thing.

I don't think that reduced the total amount of gas being bought very much. What it did do was give some relief to lines at the gas stations.

As far as the current situation, if it brings down Putin or even Russia without a single US soldier being killed, I'm all in.

[Novara]

7. It doesn't have to be this way

The oil companies are making OBSCENE profits. They're gouging the country.

[Meowmee]

72. This

[roamer65]

9. It's time we consider gasoline and diesel rationing in the US.

It’s the only way we are going to force people into efficient vehicles and control automotive CO2 emissions.

There is going to have to be some pain to get CO2 emissions under control.

[exboyfil]

19. We couldn't get a carbon tax approved

Who really thinks that rationing is politically viable. We are addicted to cheap carbon and there is not nearly enough political will in this country to do anything about it.

The majority (or a political plurality) is like the mayor in Jaws. Not enough people are going to care about global warming until it comes up and bites us in the ass (more so than it has already).

Oil companies want GOP to ensure no taxes and no restraint on their profits. 1 1/2 years in and we haven't passed a tax increase on high incomes, capital gains, corporate profits, or assets.

[roamer65]

23. High prices are a form of rationing.

Very unfair rationing in that lower income people are deprived of needed fuel.

Actual rationing, like 1942-1945, makes it much fairer for everyone.

Will it happen now? No. Will it eventually happen? Yes, when there is no alternative.

[exboyfil]

26. Yes. Price is a form of rationing

and it is unfair to the poor because we don't have a decent mass transit system (of course mass transit becomes problematic in the era of epidemics).

In fact our entire car culture and the lack of nearby stable employment is an unreasonable burden on the poor. You also give up a significant amount of your rights once you start driving a car. The rights thing is "justified" because driving is a privilege, but it really isn't a privilege, it is a necessity. The cost of maintaining a reliable car is exorbitant - that is why we went down to one car in 2020.

[roamer65]

37. Yup, car payments and insurance are crazy now.

Used car prices are very insane.

My 5 year old sedan still has 2/3 of its value left due to the chip shortage’s affect on car production.

[exboyfil]

40. My mom paid $1200 to ship her 2011 Versa

to Iowa when she relocated here. It only has 40K on it, and I looked for alternatives up here. No go. Since we only have one car, I now need to use it to see her (which is pretty much the only use it will get since I walk most places and my wife takes me to work about 2-3 times a week).

I kind of regret giving up on my two cars in 2020 (2002 Cavalier and 2009 HHR). Both were looking at some significant cost to keep on the road though. My wife is happy with her 2020 Subaru which we got a pretty good deal on. Got the extended warranty, and a part of me hopes it is the last car we will buy (plan to retire around 2030 and maybe move into a retirement apartment that provides transportation like my mom currently has).

[Amishman]

70. A better option would be targeted subsidies to cut oil use

Tax break for the employer for each employee working from home. Lots of useless managers trying to bring employees back in the office just so the manager can micromanage them more easily

Subsidies for retrofitting oil heating with high efficiency heat pumps

Federal funding for upgrading railroads and bringing old lines back into service where possible. Get cargo moving by rail instead of 100s of semis.

[doc03]

10. Gas prices plumited in 2020, people quit driving.

If people are hurting from gas prices don't use so much. Just came in from a local shopping center every restaraunt was packed. I had to wait in line at Panera bread for 20 minutes. Seems people have lots of money to get out and shop. In 2020 oil was worthless.

[exboyfil]

15. Would have been the time to snatch up a bunch of futures contracts

Don't know anything about that though.

[gay texan]

12. If that happens

You can kiss this country goodbye. All the fascists need is an excuse to be swept back into power.

[maryellen99]

16. People will give up their civil rights in a heartbeat for cheap gas nt

[roamer65]

25. +10000

[maryellen99]

31. This country is finished nt

[roamer65]

34. Parts of it will be finished, other parts will eventually secede and become more powerful.

The states that maintain the right for women to choose are about gain power, in the form of massive immigration to them.

NY, New England, CA, WA, OR, MI, MN…

[exboyfil]

43. The great Canadian union with the East Coast to North Carolina, West Coast, and some of the midwest

I would also like to keep CO, NM, NV, and AZ if possible. Wisconsin?

Same electoral map as 2020, but GA and PA switch - 2024 GOP candidate wins.

[BannonsLiver]

28. It's disheartening the number of OPs we see here about it.

[SoonerPride]

17. What's the price of oil per barrel ?

Is it $120?

Why the price increase then?

Gouging ?

Market competition?

[roamer65]

20. Oil company gouging.

A serious threat to start gasoline and diesel rationing would stop the gouging, IMO.

[getagrip_already]

30. Spot price doesn't mean much to big oil...

They either own well heads directly or buy under long term contracts at rates far below spot.

There is no shortage, either in supply or refining.

They raise the retail prices as spot goes up. Yet their production costs dont vary much.

Sure, its a fungible market to some degree, but just watch profits, and remember, profits are whats left after they spend everything they can. That includes bonuses and perks. And bribes.

[BannonsLiver]

27. Oh that's going to be great.

More whining from people who seem to not realize they’re amplifying GOP talking points.

[getagrip_already]

32. Just wait till wheat price hikes hit....

Everything connected to it will soar in price.

A $10 loaf of bread will make the gubmt very popular.

[roamer65]

35. Very true.

We can’t eat oil.

[exboyfil]

45. But we do put food stuff (corn) in our tank

[roamer65]

50. Yup, I have a flex fuel vehicle.

I have kept it just in case E10 specifically is rationed.

I can burn E85 instead.

Eventually I think we will start using switchgrass for ethanol production.

Switchgrass yields about 4 times the energy input into fermenting it.

[exboyfil]

53. Corn ethanol is just another farm subsidy

Of course it has allowed me to take care of my family, pay for my daughters' college, and look forward to retirement with a little less trepidation.

[roamer65]

55. I'd rather make American farmers rich than MBS or Putler.

I’d rather put your kids through school and feed your family.

Fuck RuZZia and Saudi Arabia, home of the 9/11 terrorists.

[FakeNoose]

36. Hmmm ... it seems like there should be a solution to high gas prices

In the case of the banker ... he's hoping the price of gas will go that high. Ka-ching!

[walkingman]

38. In Texas everyone likes to think they are "Boss Hog" - dually trucks, SUVs, and then whine about it.

[roamer65]

52. $6.20 a gallon is $1.64 per liter.

That’s still cheap by world standards.

Let them whine.

[tinrobot]

39. And you wonder why there are waiting lists for electric cars

If this keep up, the oil companies are going to price themselves out of business.

With every EV sold, an oil company loses a customer. Once people go electric, they usually don't go back.

[kairos12]

42. I recall reading some time ago about a study that try to estimate

at what price would gas have to go before Americans would significantly cut back on driving.

Again, this was years ago I recall the price being around 8$ a gallon. I guess we will see.

[Ace Rothstein]

69. Most people don't have a choice.

Due to how this country has developed over the past 80 years, it is very difficult to get around without a car.

[Mr.Bill]

44. The state of California is making a fortune on the expensive gas.

We pay sales tax on gasoline. That's a tax per dollar, not per gallon. I suppose that's at least part of why we have a 97 billion surplus. I'm okay with that as long as they do something smart with the money.

[exboyfil]

46. That seems like the smart way to do it

Most states do it on a gallon.

[Mr.Bill]

47. Yes, except we also tax it by the gallon.

That means when you add the sales tax, we are literally paying a tax on a tax. And since the localities can raise the sales tax by ballot initiative, some areas pay more than others.

[exboyfil]

48. Well it does speed the introduction of EVs

but it seems the mass transit is lagging.

Where is all that money going? I mean California has some insane taxes. I pay a lot more in taxes in Iowa than I did in Tennessee, but I can see where it is going.

[Mr.Bill]

49. I think more charging stations

would be a great way to spend some of the money. California is an expensive state to run, that's for sure. Our population has doubled in the last 60 years.

[exboyfil]

51. Energy storage as well

You guys are giving power away (or even having to pay for someone to us it) sometimes.

I moved to Orange County, California in 1970 and left in 1978 (2nd to 9th grade). I could never see myself living there again. The last time I was back was about 15 years ago. I will be visiting the San Diego area in January to visit my aunt. I don't see myself ever moving back unless by some crazy happenstance my oldest moves there (very unlikely - Austin in much more likely if she leaves Iowa).

[Mr.Bill]

54. We are building battery farms.

They can help for brief shortages.

[exboyfil]

59. I am interested in this thermal storage concept

There is a series of lectures on Wondrium (Great Courses Plus) that talks about the problems with CO2 and potential technological solutions. The thermal solution (heating salt) seems to have a lot of merit when you consider what is required to build batteries. They say the lose 1 degree/day (Malta). Not sure that I buy it though. Need to do more research.

[Mr.Bill]

60. The more immediate problem in California

is low levels in reservoirs will soon begin to take away some of our hydro power. And there's a lot of it. Losing even a percentage of it will not be good.

[exboyfil]

61. Yes that is a whole other problem

Also putting a strain on the water use. My most expensive vacation as a kid was to Lake Powell (cabin and pontoon boat rental for a week). It was a great time. There is the very real possibility that Lake Powell will be totally drained to conserve water (less evaporation) allowing Lake Mead to get back to its original size.

[Mr.Bill]

62. It's going to take a few years

but they are working on this: https://en.wikipedia.org/wiki/Sites_Reservoir

Along with immediate problems, it's good they are taking a long view also.

[Mosby]

65. The refining companies are gouging CA residents

CA has the highest "mystery" surcharge.


https://www.latimes.com/california/story/2022-03-14/gas-prices-vary-from-place-to-place

[Polybius]

67. It's time they lower it

You have to be rich to live in Cali these days.

[Mr.Bill]

68. Yes, they should lower it.

There are affordable places to live in California if you get away from the major population centers and the coastline.

[dweller]

56. Wasn't there a release of oil from the reserve

supposed to help lower price around June ?

Guess not


✌🏻

[MrsCoffee]

63. $5.96 reg $6.16 mid $6.36 prem $6.60 diesel. Prices around the corner from me.

Bay Area, CA.

[Initech]

64. It's $6.20 a gallon here in California.

Fuck Wall Street and big oil!

[Bettie]

66. That's just them telling us that

we shouldn't expect the price to go down, regardless of the per-barrel price.

They realize that the US has been built around cars and they can charge whatever they please and we have little choice but to buy it.

Unregulated capitalism, AKA gouging.

[Emile]

71. Crude oil has been this high before and gas was never this costly.

Could this be Predatory Capitalism?

[Meowmee]

73. We were told

Our heating oil was going up by $3.63 due to Ukraine, I call bs. And I know it will never go back down after this. Because there is no regulation and they can do and charge whatever they like. Gas is now at $4.79 up 20c from 3-4 days ago.

It has warmed up and I have the heat at 50 now. We don’t use much hot water and we get enough hot water without a high thermostat setting. Yet the furnace went on several times today. Something is wrong.

What happened to the measure b put in place to lower gas prices… they went down for a few days at 4.09 maybe even to $3.90, I can't recall now and then just skyrocketed back up. Now we are told they will be above $6.50 soon. Wth is going on?

I barely drive as it is but we still have to, there is no way other viable way to get anywhere here and I can't use public transportation due to health issues. The inflation has gotten out of hand since the pandemic and I feel it is manufactured and price gouging mostly. Each 3-4 weeks or less prices of many things I buy go up by $1-2 We saw gas price gouging after 911. There are no regulations to control pricing.

[onenote]

75. If you average 20 MPG you deserve to pay that much.

[Dial H For Hero]

77. Both of my vehicles get around 20 mpg.

Given that I’m retired, though, I don’t drive them that much.

[David__77]

78. I'm sure some people love this.

The poor and working people pay a steep price.

[DFW]

79. Here, we would be thrilled to see it go down to $6

I don't think it has been that low here in ten years.