According to JPMorgan Chase analysts on May 8, U.S. gasoline prices are “entirely possible” to rise to $5 per gallon as refineries prioritize aviation fuel production at the expense of other petroleum products. The current price has already reached $4.55 per gallon. Analysts noted that refineries are maximizing jet fuel output due to energy crisis impacts, typically resulting in reduced diesel production, with spillover effects on gasoline supply. The report suggests that if refinery operations remain constrained by limited crude oil supply, fuel prices could become a primary transmission channel for demand destruction, with crude potentially stabilizing near $100 per barrel.
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