Record-setting demand for gasoline, robust U.S. fuel exports and rising oil prices could be conspiring to create pain at the pump for American drivers this summer, according to John Kilduff, founding partner at energy hedge fund Again Capital.
U.S. gasoline prices historically rise as Memorial Day — the unofficial kickoff to the summer driving season — approaches. Once the holiday passes, the cost of gas tends to decline as the market realizes there's adequate stockpiles of fuel in storage tanks, said Kilduff.
But this year could be different, in his view. That's because drivers are consuming a record level of gasoline at a time when U.S. gas exports have hit all-time highs above 2 million barrels a day.
"It is something to watch. We could be on the cusp of a hot, high-priced gasoline summer," he told CNBC's "Squawk Box" on Tuesday.