Amanda Kurzendoerfer, commodity analyst at Summit Energy, told CNBC’s “Squawk on the Street” that the surprisingly large drop in gasoline supplies and low refinery capacity could send prices at the pump over $3 a gallon by mid-July.
“We could see a three handle,” Kurzendoerfer said Wednesday. “I don’t think it will last long, but it definitely a possibility.”
The U.S. Energy Information Administration reported that crude oil inventories rose 4.3 million barrels last month, but gasoline supplies fell five million barrels. Refinery capacity remains unchanged at 87%.