Gas prices this summer will be 'rough,' White House official admits

As the average price for a gallon nears $5 per gallon, Jennifer Granholm, Secretary of Energy, warns that gas prices this summer will be rough.

She continued, “I’ll just be honest with you. The Energy Information [Administration], which is the entity that projects forward the price of gas the price of oil, has said that by the fall, it should be down to $4.27 a gallon, and by late this year, early next year, it’ll be down to $4, maybe under $4, maybe high [of] $3 a gallon.”

Fuel prices were over $5 per gallon as of Thursday, according to GasBuddy, another price tracking service. A survey conducted by American Automobile Association shows that gas prices have been over $5 per gallon in many states for several weeks, with drivers in California paying an average of $6.40 per gallon.

As American Automobile Association reported on Thursday, the average price of a gallon of regular gasoline shot up again overnight. Currently, the average is $4.97 nationwide.

As a result, Granholm said Wednesday, "there will be some relief on the horizon, but it is going to be rough during the summer driving season because there is such a mismatch between global oil demand and supply."

9 June 2022