The cost of gasoline will impact Americans' summer travel plans more than COVID-19 rates, new survey finds.
The Biden administration has tried to lower gas prices by"There is the temptation to think an American politician can do something, but they don't have control over the global levers of supply and demand," De Haan told CBS MoneyWatch."Look at the Strategic Petroleum Reserve — that looked like a huge announcement, but prices kept going up."according to JPMorgan analyst Natasha Kaneva in a May 17 report.
Like De Haan, Kaneva explained the surge in gas prices by pointing to lower supply and higher demand. Refineries usually produce more gas in anticipation of an increase in demand during the summer. But gas inventories in the U.S. are declining, and now sit at their lowest seasonal levels since 2019, she noted.
"U.S. consumers should not expect much in the way of relief in prices at the pump until the end of the year," Kaneva predicted. Still, only about half of Americans say they're cutting back on driving due to the high cost of gas, according to a GOBankingRates
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