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 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.
As part of its Circle K Day celebration, Circle K convenience stores are offering customers a discount of up to 30 cents per gallon on gas between 4 and 7 p.m. local time, excluding certain states affected by Hurricane Idalia.
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.
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.
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 are expected to rise to $100 per barrel of crude oil, but experts believe consumers will be able to handle the increase, with some price easing predicted in the future.
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.
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.
