New York —
Gas prices are within striking distance of $5 a gallon, a painful threshold that seemed virtually impossible when the year started. And the high-demand summer driving season hasn’t even begun.
Some experts fear gas could break the all-time highs set in 2022, even though crude oil isn’t as expensive as it was after Russia invaded Ukraine four years ago.
“The risk of $5 gasoline can no longer be dismissed,” Natasha Kaneva, head of global commodities research at JPMorgan, wrote in a note to clients published on Friday.
In fact, gas is more expensive today than it was at this point in the calendar in 2022.
