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.
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.
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.
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.
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.
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.
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.
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.
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.
