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 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.
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.
Gas prices in Kansas and Missouri are expected to increase by 50 cents to $1 per gallon due to a refinery outage, leading to potential retail price hikes in the region.
The average price of gas in Michigan has fallen by 6 cents to $3.63 a gallon, 10 cents less than last month and 22 cents less than last year, but rising oil prices, higher gas demand, and tighter supply may push prices higher.
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.
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.
Gas prices in Los Angeles County have climbed rapidly, with the average price per gallon increasing by nearly 20 cents in just 48 hours due to ongoing refinery issues and unexpected outages.
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.
The average price of a gallon of self-serve regular gasoline in Los Angeles and Orange counties has reached $6 for the first time since mid-October, attributed to rising crude oil prices and refinery issues.
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.
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 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.
The average price of gasoline in Los Angeles County experienced its largest decrease since October 2022, dropping 6.2 cents to $6.083, marking the seventh consecutive day of decreasing prices following a run of price increases.
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.
Gas prices have fallen by 3.3 cents per gallon in the past week, down to an average of $3.83 per gallon, but potential violence in Israel threatens to impact this decline.
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.
