Gas prices are headed to $6 a gallon in the US as the summer driving season kicks off, JPMorgan says

The rest of the US looks set to join Californians in paying $6 a gallon for gasoline, according to a projection from JP Morgan.

With expectations of strong driving demand, the US retail price could surge another 37% by August, according to a note by the head of commodities research at JP Morgan. The Memorial Day holiday is the traditional start of the summer driving season that runs until Labor Day in early September.

The national average retail price of gas topped $4.50 a gallon for the first time on Tuesday, and was up about $0.50 from a month ago.

The average price for a gallon of regular-grade gasoline in California is $6.05.

The surge in oil prices this year has led to a rise in gas prices in the US. At the peak so far in 2022, the international benchmark and West Texas Intermediate crude have surpassed $100 a barrel. The price of oil on Wednesday was around $109 a barrel.

Gas prices have been climbing despite the pull back in oil prices. The US has reached an "expensive milestone" with residents in nearly every state now paying at least $4 a gallon for gas, according toAAA.

The high cost of oil is driving these high pump prices for consumers.

The switch to the more expensive summer blend of gasoline usually adds 7 cents to 10 cents a gallon to gas prices depending on the market, according toAAA.

Gas prices in Georgia, Kansas, and Oklahoma were still below $4 a gallon.