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.
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.
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.
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.
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 have been rising in the US due to drilling restrictions imposed by OPEC, with California having the highest prices; automotive workers in the US, represented by the UAW union, have initiated a large-scale strike against General Motors, Ford, and Stellantis; President Biden believes that auto companies haven't fairly shared their record profits with workers; Senator Sanders supports the strike as a fight for better conditions for the working class; the Federal Reserve will meet to discuss interest rate changes, with the current rate standing at 5.33 percent.
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 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.
