Experts say consumer 'pain at the pump' will get worse before it gets better. One prediction has drivers paying $4 a gallon for gas by Memorial Day.
– Experts are predicting that consumer ‘pain at the pump’ will get worse before it gets better.
That would amplify the inflationary pressures hitting American families grappling with the biggest price spikes in nearly 40 years. And it would add to the White House’s political headaches. “The economy is hot. Demand has come roaring back. But supply is still catching up after getting cut greatly in 2020,” De Haan said.
Tom Kloza, chief oil analyst for the Oil Price Information Service, previously told CNN the Baytown refinery accident could weigh on already-constrained gasoline supply. Kloza said he would not be surprised to see average prices rise to $4 a gallon in much of the country this spring and summer. Although GasBuddy’s prior forecasts were reasonably close to where prices ended up, the company did not see the 2021 surge coming.“Anything could change,” he said. “Tomorrow there could be a ridiculous variant and prices could plummet.”Nonetheless, the specter of $4-a-gallon gas will only intensify the political debate around high gas prices.
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