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J.P. Morgan says gasoline could be $6+ by August


MickinMD

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I hope the bank's analysts are wrong about $6/gal gas, but the $4 we paid in 2008 is $5.37 with inflation now.

My little Honda Fit has just a 10.6 gallon tank so when I filled it up with 8+ gallons, I wasn't thrilled with the $38.09 price: $4.599/gal.

My sister just drove her Honda Passport back from Phoenix and moaned about the cost of gasoline.

Today, YahooFinance has this headline: Gas prices 'could climb to $6/gal or even higher,' says JPM analyst

Gas prices could go above $6 per gallon nationwide by August, say JPMorgan analysts.//

With expectations of strong driving demand this summer, "U.S. retail price could surge another 37% by August to a $6.20/gal national average," writes Natasha Kaneva, head of the global commodities strategy team at JPMorgan.

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I'm glad I don't have to drive to work anymore.  It used to be 60 miles round trip each day.  My current vehicle gets 20 mpg on a good day on the highway.  That would be almost $20 a day for gas.  $100 a week.

In my first real job in 1966, I only made $80 a week.  :)

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What I find interesting is gas prices being the HYUGE problem that everyone wants to cry about (not saying that's what this thread is about)  but people are currently setting records for miles driven.

So, is it a big deal, or not?

Tried to fill my truck while out of state.  Couldn't fill it, got cut off at $120.  CC companies are making out on this

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For our race in Topeka Kansas a lot of the east coast teams are not registered and if gas keeps going up I might rethink our west coast trip. It rufly 5,000 miles that we were planning and at a average of 9 to 10 miles per gallon it could be costly. 

We would have about $3,000 for gas, $700 in entry and gate fees then figure in food, the occasional camping fees. 

All to win a 3 dollar trophy. 

 

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16 minutes ago, BR46 said:

For our race in Topeka Kansas a lot of the east coast teams are not registered and if gas keeps going up I might rethink our west coast trip. It rufly 5,000 miles that we were planning and at a average of 9 to 10 miles per gallon it could be costly. 

We would have about $3,000 for gas, $700 in entry and gate fees then figure in food, the occasional camping fees. 

All to win a 3 dollar trophy. 

 

But the experience is priceless. Monterey is beautiful. Check out Cannery Row, Big Sur, breath in our salt air and race a world class track.  
 

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2 hours ago, Road Runner said:

I'm glad I don't have to drive to work anymore.  It used to be 60 miles round trip each day.  My current vehicle gets 20 mpg on a good day on the highway.  That would be almost $20 a day for gas.  $100 a week.

In my first real job in 1966, I only made $80 a week.  :)

I got my first Social-Security paying job in 1967, at a fast food place in high school and was paid $1.25/hr. Of course, gas was $0.33/gallon then. By 1970 I was making $2.10/hr. In 1971 I took a pay cut to get a job on campus at $2.00/hr.  In 1977, I got a job as an industrial research chemist for $16,000/yr. ($73,000 in today's money). I had reached the promised land!  I got a new car. a big 25" color TV and a 12-string guitar.

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33 minutes ago, ChrisL said:

But the experience is priceless. Monterey is beautiful. Check out Cannery Row, Big Sur, breath in our salt air and race a world class track.  
 

That's why I want to go. I've raced some fun club tracks but when you get to burn laps on the world class tracks its something special. 

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7 minutes ago, Longjohn said:

What a deal. Here’s one in case you decide not to go. 🏆

We will probably just go but change the trip a little to save a few miles. 

I don't know how many opportunities I will get to Laguna as a family.....and I want to see how Wo46 handles the corkscrew. 

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