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Gas Prices Could Reach $6 This Summer

The investment banking firm JP Morgan suggests that we could see $6-a-gallon gas across the country as early as this summer. According to Texas economist Ray Perryman, $6 gas would shock the system. He says families typically spend about four percent of their budget on gas, and if that happens, it will go up to about 5%. It would usually hit the travel budget the hardest, but after COVID, he says nothing is stopping families from planning a vacation this year. Instead, he says families will put off purchases and go out to eat less often.