Gas expected to spike above $5 as experts forecast higher crude oil prices

Oil analysts expect the national average price of gas to rise above $5 a gallon in the next...
Oil analysts expect the national average price of gas to rise above $5 a gallon in the next week or so.
Published: Jun. 7, 2022 at 12:08 PM CDT
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(CNN) - You may want to budget a little more for that summer road trip.

As prices at gas pumps climb near $5 a gallon in most of the United States, the worst may still be to come.

Oil prices are the biggest component affecting gas prices, and Goldman Sachs is now forecasting crude oil will average $140 a barrel this summer.

Oil is currently about $120 a barrel.

It would mean that gas prices would spike even higher, in order to incentivize new production and discourage consumption.

Oil analysts expect the national average price of gas to rise above $5 a gallon in the next week or so.

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