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.
Crude oil prices rise as US inventories decline and concerns about US rate hikes and China's economic indicators persist.
Gas prices in the US are nearing $4 a gallon, up 60 cents since the start of the year, which could complicate the Federal Reserve's decision on interest rates as it tries to rein in inflation.
Crude oil prices rose after the U.S. Energy Information Administration reported a larger-than-expected inventory decline of 10.6 million barrels for the week ending August 25.
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.
U.S. crude oil stocks have reached their lowest level this year and are expected to decrease further, leading to a tight crude oil market and a potential increase in global oil prices.
Oil prices jumped over 2.5% after OPEC+ members extended supply reductions, with Brent International topping $90 per barrel and West Texas Intermediate hovering above $87 per barrel, as Saudi Arabia announced an extension of its production cut and Russia reduced its exports. Despite slow recovery and increased production, crude futures have rallied more than 25% since late June, with experts predicting prices to continue rising unless a recession occurs. China's demand for petrochemicals has been dampened, but their mobility demand post-lockdowns has offset this.
Crude oil prices reached their highest level of the year after Saudi Arabia and Russia agreed to cut output, raising concerns about gasoline prices for American consumers.
Summary: Rising oil prices and increasing gas prices, driven by the Russian-Saudi agreement to extend oil production cuts, are contributing to inflation concerns and putting pressure on the markets, leading to potential gains for oil stocks like ConocoPhillips and Chevron.
Crude oil prices in the US increased due to a 6.3 million barrel inventory draw, following a massive decline of 10.6 million barrels the previous week, bringing inventories to the lowest in eight months.
The price of oil is surging as Saudi Arabia and Russia cut output, creating a supply deficit that is driving up prices and threatening a fragile global economy with inflation and potential interest rate hikes.
Rising oil prices are making it harder for the Federal Reserve to achieve its 2% inflation target, as increased energy costs could lead to higher prices for goods and services, potentially complicating the Fed's plan to hold interest rates steady and achieve a "soft landing" for the economy.
The extension of voluntary oil production cuts by Saudi Arabia and Russia has caused oil prices to surge above $90 a barrel, threatening an inflationary spike that could disrupt central banks' plans to wind down interest-rate hikes, particularly for the Bank of Canada.
Oil prices reach new highs in 2023 due to supply constraints caused by output reductions from Saudi Arabia and Russia, raising concerns about global inventory shortages and potential inflationary pressures.
U.S. consumer prices are expected to have increased the most in 14 months in August due to rising gasoline costs, while underlying inflation is forecasted to remain moderate, potentially prompting the Federal Reserve to keep interest rates steady.
Gasoline prices contributed to a rise in inflation in August, but economists believe that the increase is temporary and that overall inflation is headed towards normal levels.
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.
Oil prices continue to rise as OPEC+ supply cuts tighten the market, with Brent crude surpassing $94 a barrel and speculators increasing bullish wagers on Brent and West Texas Intermediate, leading to concerns about inflationary pressures.
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.
Oil prices reach a 3-month high as OPEC maintains tight supply. Gas prices in the US rise, posing a threat to efforts against inflation.
Rising crude oil prices, driven by supply concerns and output cuts, threaten to push up petrol prices and hinder efforts to tame inflation, putting pressure on central bankers.
Crude oil prices rose as inventories declined and demand from Asia and Europe decreased, threatening higher gas prices in the US and potentially impacting the Federal Reserve's interest rate decisions.
Gas prices in the US have slightly decreased due to the switch to less expensive winter blend gasoline, but the decline is being slowed by higher oil costs, with the potential for prices to spike as oil prices surge. The Federal Reserve is pausing interest rate hikes as inflation, driven by a surge in oil prices, increases, but future rate hikes could impact consumer debt, including car insurance. Some states saw significant shifts in gas prices, with Nevada experiencing the largest increase and California having the highest gas prices in the nation. Shopping for cheaper auto insurance can help lower car ownership costs.
Oil prices have risen due to Saudi Arabia's decision to cut back oil production, which has led to higher gasoline and diesel prices, complicating the global fight against inflation and benefiting Russia's economy.
Oil prices are rising again after a short pause, driven by Russia's temporary ban on fuel exports and concerns of low supply, with analysts predicting it could hit $100 a barrel for the first time in 13 months.
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.
Oil prices reached a 2023 high as inventories at the largest storage hub in the US decreased, leading to speculation of $100 per barrel oil in the near future.
Oil prices reached their highest level in over a year as crude stocks at a key storage hub in Oklahoma fell to their lowest level since July 2022, signaling a potential "rough" period for crude oil supplies into the market and a sustained high level of oil prices for the rest of the year.
Oil prices hit their highest levels in over a year as ongoing production cuts raise concerns about the global economy, while the specter of $100 oil looms and supply tightness becomes apparent with reduced stockpiles and increased refining. Higher interest rates may dampen crude demand, but for now, the focus remains on supply.
Higher gas prices drove an increase in an inflation gauge tracked by the Federal Reserve in August, but measures of underlying inflation slowed, suggesting overall price pressures are moderating and raising the likelihood that the Fed will leave interest rates unchanged in its next meeting; however, the combination of higher gas prices and sluggish income growth may weaken consumer spending and mark a slowdown from last summer's healthy pace of spending.
The secretary general of Opec+ predicts that oil prices will remain high due to increasing energy demand, as Saudi Arabia cuts its crude oil production by a million barrels a day and warns of a potential supply shortfall.
Summary: Oil prices drop over 2% as a result of a strong U.S. dollar, profit-taking, inflationary concerns, and forecasts of increasing supply, as well as the World Bank's forecast of slower Chinese growth.
US oil prices and energy stocks, including ExxonMobil, Chevron, and Occidental Petroleum, fell as crude oil inventories decreased but gasoline stockpiles increased, while the outlook for demand remains uncertain and refinery stocks struggle.
Oil prices plummeted and energy stocks fell as Americans reduce their gasoline consumption in response to high prices, with average gas prices hitting $3.79 per gallon, causing concerns about slower economic growth and cutting into demand.
Gasoline prices are expected to drop significantly as crude oil prices decrease and demand remains low, with many areas already seeing falling prices due to the production of less expensive winter grade fuel and the lowest seasonal demand levels in 25 years.
Wholesale gas prices are expected to fall in the coming months due to weakening oil demand and Saudi Arabia's production cuts pushing crude prices too high, according to energy analyst Paul Sankey.
U.S. gasoline prices are expected to decrease and may reach $3 per gallon due to a drop in crude oil futures, potentially benefiting consumers and cooling inflation but also indicating economic weakness with low gasoline demand.
Gas prices in the US have been falling, with the nationwide average dropping 7 cents in the past week and expected to decrease even further, potentially falling by 50 cents by the end of the month, due to a decrease in the cost of crude oil and a decline in demand.
Gasoline prices in the United States are expected to continue to decrease despite the Israel-Hamas war, as long as the conflict does not expand geographically, due to seasonal trends and the switch to cheaper winter fuel blends.
Gasoline prices in the United States are expected to continue dropping, despite the Israel-Hamas conflict, due to seasonal trends and the country's domestic production capacity.
Despite a slight improvement in month-to-month price gains, inflation remains a challenge for the Federal Reserve as prices continue to rise, particularly in areas such as housing and gas, burdening families and straining budgets. The Fed's efforts to control rising costs for gas, groceries, and rent are limited, leaving policymakers searching for effective solutions.
The average price of gas in the US dropped to $3.64 per gallon, a 12-cent drop from the previous week, due to lukewarm demand and falling oil prices influenced by geopolitical concerns in the Middle East.
Gas prices in the United States have fallen despite rising oil prices, with experts predicting further declines if there are no geopolitical shocks or further violence in the Middle East.
Gasoline prices in the US are continuing to decline despite a 5% increase in crude oil futures since the start of the Israel-Hamas war, primarily due to the switch to a cheaper winter blend driving fuel and lower seasonal demand, as well as increased refined products supply and higher inventories compared to last year.
