Energy Report: Trillions Of Reasons

These developments caused U.S. average regular gasoline retail prices to reach a monthly average of $2.99/gal in May, peaking at $3.03/gal on May 17, which were the highest monthly and weekly prices since 2014. We expect that prices will average $3.03/gal in June before falling to $2.76/gal by September. The drop in forecast retail gasoline prices reflects our forecast that gasoline margins will fall this summer in response to rising refinery utilization. For all of 2021, we expect U.S. regular gasoline retail prices to average $2.77/gal and gasoline retail prices for all grades to average $2.87/gal. Higher prices and more gasoline consumption would result in the average U.S. household spending about $570 (38%) more on motor fuel in 2021 compared with 2020.

Natural gas is breaking out as global demand is surging! So much so the world will have to rely more on coal. Oh boy! Where are those windmills when you need them?

My summer outlook is still for sharply higher prices. Look to get hedged and stay hedged as we have significant upside risk. U.S. shale could have saved the day but with restraint by producers, lack of capital, and the new fossil fuel stigma, we expect Americans to be paying for climate policies in a big way and quickly. 

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