Gas Price to reach $5 per gallon June 17

The unfortunate situation for drivers in the United States continues to worsen.

On June 2nd, the national average retail price of regular gasoline increased by four cents to $4.71 a gallon, a new record high.

The likelihood of the national average reaching $5 a gallon is increasing, and this could occur as early as June 17th.

JPMorgan predicts prices could rise by 37% by August, reaching $6.20 per gallon.

Several factors keep fuel costs high. The typical driver spends $4,800 a year on gas, up from $2,800 a year ago.

Prices are 52 cents higher a month and $1.67 higher a year ago.

Every state's average gas price is at $4 per gallon, but only California's has topped $6.

On 2nd June, the average retail price for a gallon of normal gasoline in California reached $6.21.

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