Analysts say gasoline prices usually peak by mid-May, but this year prices at the pump could continue to rise into July and reach about $5 a gallon nationally.
"That goes back to 2011, 2012 [demand] levels," said De Haan of the government data. GasBuddy data also shows slower-than-expected demand over the last several days. For instance, drivers bought 4% more gasoline Thursday than the week earlier, but De Haan had projected that to be up 7%-10% to account for drivers expecting to travel for the holiday weekend.
Combine that with reduced refining capacity, and the world's supply of fuel is well below normal. U.S. refineries have lost about a million barrels a day in capacity over the last several years.
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