U.S. gasoline prices are at record highs, averaging more than $4.50 per gallon at the pump, and surpassing $4 in all 50 states for the first time. But, says Natasha Kaneva, J.P. Morgan’s head of global commodities research, prices could climb over $6 this summer.
Why the rise? Sanctions have cut Russian oil and refined-fuel exports. U.S. refiners, motivated by rising European prices, are shipping more diesel and gasoline there; they’re also selling some 100,000 barrels a day more than usual to Mexico and other nations. In…
