Analyst: Gas Could Top $6.20 Per Gallon Before Labor Day

SAN ANGELO – Gas prices continue to soar across west Texas and the rest of the nation this week and at least one analyst predicts a national average price of $6.20 per gallon before Labor Day.

According to Gas Buddy, on June 9, the average price for a gallon of gas in San Angelo is $4.45. For the state of Texas it is $4.62. That's an all time high.

The previous record for the highest average gas price for the State of Texas was $4.11. That record was beaten on March 7. Since that day gas has gone up on average about $0.50. 

An advisor at JP Morgan last month predicted a "cruel summer" for U.S. motorists with the average cost of a gallon of gas topping $6.20 per gallon by Labor Day.

"With expectations of strong driving demand — traditionally, the U.S. summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September — U.S. retail price could surge another 37% by August to a $6.20/gallon national average," stated JPMorgan commodities analyst Natasha Kaneva in an analyst report.

Other analysts believe the $6.20 level is too high as they predict lower gas demand as prices climb through the summer will quell the price increases to a level below $6.20.

In an exclusive interview Thursday with Congressman August Pfluger, the freshman Republican from San Angelo told San Angelo LIVE! that President Biden and the Democrat party are the ones to blame.

"He [Biden] wants to outsource everything when we can make it right here at home," said Pfluger on oil production. Biden announced an agreement with Saudi Arabia to increase production while the full potential of the Permian Basin is mired in red tape and ESG concerns of investment banks. ESG is a rating or score for corporations that measures their environmental, social, and governance performance. Investing in oil production lowers ESG scores.

"Despite the fact that the Permian is producing a record number the rig count and the amount of activity is down from pre-pandemic levels. We have the resources here. The administration through Biden's lack of leadership have made a conscious decision to make it so difficult through the permitting process, and through ESG issues, that the United States in this area looks like third world county."

Watch the entire interview with Pfluger here.