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.
Rising gasoline prices are impacting inflation-weary Americans.
European and U.S. natural gas prices rose due to concerns over supply from Australia and Norway, with maintenance at Norwegian gas fields and fears of a strike at Chevron's LNG facilities driving uncertainty.
Diesel prices in the US have reached their highest levels since March and are expected to continue rising due to refinery disruptions and increased demand during the fall agricultural harvest season and winter heating months, posing challenges for retailers and putting upward pressure on prices.
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.
Gas prices are historically high for Labor Day, with the national average for regular gas at $3.83 a gallon and some states averaging $4 a gallon or more due to factors such as OPEC holding back supply, extreme heat affecting refineries, and easing recession fears boosting oil prices.
U.S. natural gas production reached a new high in 2022, surpassing Russia and Iran, while consumption increased due to a shift away from coal and growth in renewable energy.
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.
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.
Gas and housing prices continue to rise, leading to a 0.6% increase in the federal consumer price index for August and a 3.7% increase for the year, causing concerns about overall inflation and its impact on household budgets.
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.
Gasoline prices are rising due to oil supply cuts in Saudi Arabia and Russia, as well as flooding in Libya, but some experts believe that increasing oil prices will not have a significant impact on the US economy and do not expect them to rise much higher in the next year or two due to factors such as increased US oil production, slow global economic growth, and the green energy transition. However, high oil prices can lead to higher inflation, potential recession, and could influence the Federal Reserve to raise interest rates, but the impact may not be as severe as in the past, and some experts recommend investing in the energy transition and adopting a more defensive investment strategy.
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.
Crude oil prices reach new highs despite concerns about China's economy and tightened monetary policies, with the oil market structure indicating strong demand and potential support for higher prices.
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.
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.
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.
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.
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.
Fuel prices in Australia are rising, which could contribute to an increase in quarterly inflation, leading to concerns about the future of oil and the reliance on fossil fuels as efforts to reduce carbon emissions continue.
Home prices in the U.S. rose by 3.7% in August, with New England states experiencing the largest growth, while Western states saw declines in home prices; California had the highest median sales price, and CoreLogic predicts a 3.4% annual home-price growth by August 2024.
Gasoline prices have increased over time, but when adjusted for inflation and considered in relation to fuel efficiency and real wages, they are only marginally more expensive than in previous years, highlighting the often misleading nature of political rhetoric surrounding gas prices.
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.
US wholesale prices of goods and services rose higher than expected in September, driven by higher energy prices, according to data from the Bureau of Labor Statistics.
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.
Next year, experts predict that prices in California will stabilize, with food and gasoline price increases slowing down, but housing costs potentially climbing more than the average rate of inflation.
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.
Fuel prices in the US have fallen this month, but the declines are not as significant as they would have been without the risks to oil supplies in the Middle East caused by the Israel-Hamas conflict, according to analysts. Gasoline prices may fall another 20 cents per gallon if there are no broader hostilities in the region, but if conflict escalates, prices could sharply rise. Diesel prices are at historically high levels due to low global supply and could increase further if the war expands.
The latest data is expected to show that fuel prices in Australia rose by more than 7% in the three months to the end of September, adding a quarter of a percentage point to inflation due to global factors such as the war in Ukraine, supply constraints, and the weaker Australian dollar. The conflict between Israel and Hamas in the Middle East may further increase prices.
