Caixin
May 19, 2022 04:17 PM
FINANCE

Asia to Ramp Up Gasoline Exports to U.S. as Sky-High Prices Beckon

The PT Pertamina Balongan refinery in Indramayu, Indonesia, on Thursday, May 12, 2022 Photo: Bloomberg
The PT Pertamina Balongan refinery in Indramayu, Indonesia, on Thursday, May 12, 2022 Photo: Bloomberg

(Bloomberg) — The worsening gasoline crunch looks set to buoy Asian refiners — particularly those in India — as sky-high U.S. prices encourage more exports.

US pump prices have now risen above $4 a gallon in all states for the first time ever as the summer driving season approaches. JPMorgan Chase & Co. forecast this week that American gasoline could surge to as high as $6.20 a gallon by August, which would be more than double the price a year ago.

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