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Experts warn we could see national average of $6 gas by August

The average gas price in North Carolina stands at $4.32 per gallon on Wednesday. Experts are now saying we could see gas prices at $6 by the end of the summer.

Posted Updated

By
Nia Harden
, WRAL reporter

The average gas price in North Carolina stands at $4.32 per gallon on Wednesday. Experts are now saying we could see gas prices at $6 by the end of the summer.

The local average jumped 6 cents Tuesday night -- the largest increase we've seen in awhile.

CNN Business reports the average price for gasoline in California hit $6 a gallon Tuesday for the first time, and that could become the national average in only a few months.

"There is a real risk the price could reach $6+ a gallon by August," Natasha Kaneva, head of global oil and commodities research at JPMorgan, told CNN in an email on Tuesday.

While JPMorgan is concerned it could be difficult to meet intense demand during this summer's driving season, other experts don’t believe gas prices will ever get that high because many people would likely "balk at $6 gas" and drive less.

"It's hard to get to $6," Andy Lipow, president of Lipow Oil Associates, told CNN. "Before we get there, we would have significant demand destruction, not only here, but around the world."

Patrick De Haan, head of petroleum analysis at GasBuddy, echoed that sentiment, saying: "I personally think we'd see a recession before we'd see a national average of $6."

A major hurricane could also hit the gas industry, causing prices to skyrocket. The official government outlook for the upcoming hurricane season is due out next week.

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