“Things are looking pretty bad for the upcoming summer driving season,” said Alaron Trading analyst Phil Flynn. “Everyone asks me, will we see $4 a gallon? And the answer is, there is a strong possibility that we may see $4 a gallon.”
According to ABC News, Flynn said a new government report shows U.S. stockpiles of gasoline fell by 5 million barrels in the past week — significantly more than analysts were expecting.
“This is the time of year when we’re supposed to be building supplies, but it seems like the refiners just can’t get ahead of what has been very, very strong demand,” he said.
