Main Topic: U.S. gas prices hit an eight-month high amid rising oil prices.
Key Points:
1. National average price for a gallon of regular unleaded climbed to $3.71, the highest level since November.
2. Gas prices are up by at least $0.15 cents in 16 states in the past week alone.
3. Surge in oil prices, production cuts by OPEC nations, and U.S. refinery outages contribute to the increase in gas prices.
Gas prices in California have risen to $5.26 per gallon, an increase of nearly $0.40 in the past month, and could be further impacted by Tropical Storm Hilary, potentially causing refinery shutdowns and further price increases.
Gas prices in the US are at historically high levels for Labor Day weekend due to factors including OPEC supply cuts and extreme heat affecting refineries, with the national average for regular gas at $3.83 per gallon, just shy of the record set in 2012 at $3.84 per gallon.
The average retail price of regular gasoline in the United States has increased by 6% over the past five weeks, reaching $3.81 per gallon heading into the Labor Day weekend, due to factors such as oil production cuts, low gasoline inventories, and refinery maintenance.
GasBuddy predicts a potential spike in gas prices of 50 cents to $1 per gallon in several states, including Minnesota, due to a possible refinery outage.
Gasoline prices in Las Vegas remain above $4 per gallon, with only one station offering a lower price, due to refinery disruptions and price spikes in the Corn Belt and West Coast regions.
Gasoline prices rose 10.6% in August, contributing to the biggest monthly increase in U.S. consumer prices this year, but the overall inflation outlook remains optimistic as gas prices are expected to fall in the coming months. Core inflation, excluding food and energy prices, also increased, but analysts believe it is just a temporary bump and the overall trend is still heading in the right direction.
Gasoline prices in the US have reached a record high for this time of year, posing a challenge to President Joe Biden's fight against inflation.
Gas prices in the United States have been increasing due to OPEC's reduction in drilling, and California has the highest gas prices in the country due to high state taxes and limited competition in the gasoline market.
The average price of gasoline in the United States has risen to $3.881 per gallon, compared to $3.678 per gallon a year ago, due to refinery outages in the western United States.
Gas prices in the US have reached their highest level in 11 months, posing challenges for the Federal Reserve in its campaign to control inflation. Factors contributing to the increase include rising oil prices, production cuts by Saudi Arabia and Russia, reduced refinery production due to hot weather, and low reserves in the Strategic Petroleum Reserve. However, prices are expected to decrease with the switch to a cheaper gasoline blend in the fall and projected global economic slowdown in 2024.
Gas prices in the United States have risen, exceeding the highs of last year, with California having the highest prices due to high state taxes and issues at refineries, as well as a less competitive gasoline market caused by certain refineries controlling a large portion of the market.
Some gas stations in Southern California are charging nearly $7 per gallon for regular gasoline, the highest in the nation, due to refinery outages and maintenance.
Gas prices in the North Bay have spiked by 26 cents overnight, reaching an average of $6.07 in San Rafael, due to rising oil costs and maintenance issues at California refineries.
Gas prices in the Los Angeles area have risen, prompting state officials to take action by authorizing the early rollout of winter-blend gasoline to increase fuel supply and alleviate the burden on consumers.
Gas prices in California are increasing, but Governor Gavin Newsom has instructed state regulators to speed up the delivery of cheaper winter blend gas in order to provide financial relief to drivers; the average price of a gallon of self-serve regular gasoline in Los Angeles County has risen for the 23rd time in 25 days, reaching its highest amount since October and prompting Newsom to call for an early transition to winter-blend gasoline.
Gas prices in California, particularly in Los Angeles County, have reached an all-time high, leading inspectors to check local gas stations for price gouging. The state average is $6.07, $2.24 higher than the rest of the country, with LA County prices at $6.31, causing inspectors to ensure that customers are receiving the correct amount of fuel for their payment.
The average price of regular unleaded gas in California has dropped to $5.83 per gallon, down from $6.08 a week ago, due to lower demand and wholesale price drops, but it is still significantly higher than the national average of $3.72.
