CitiGroup Warns: Gasoline Prices May Hit $3.00 a Gallon This Summer

CitiGroup analysts are forecasting that retail gasoline prices could rise to around $2.85 to $2.90 a gallon during peak driving season this year if oil continues to climb and wholesale margins “hold up”.

But the analysts go on to say
that gasoline has even more room to run, with prices of $3 a gallon possible under a scenario in which Brent crude touches $80 a barrel.

If anything, these analysts are likely too conservative.

The average gasoline price has already climbed by over 25% in the country to approx. $2.80 per gallon.

-RW