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.
Oil prices edge higher in an uncertain market as US crude futures rise 0.1% to $78.94 a barrel, despite a 2% drop for the week, due to production cuts by major oil producers and a mixed US economy.
Oil prices rose over 1% as the dollar strengthened ahead of a speech by the head of the U.S. Federal Reserve for clues on interest rates, with Brent crude reaching $84.29 a barrel and U.S. West Texas Intermediate crude at $79.92, while a strong dollar and recent inventory draws affected demand and supply.
Rising gasoline prices are impacting inflation-weary Americans.
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.
Crude oil prices in the US increased due to a 6.3 million barrel inventory draw, following a massive decline of 10.6 million barrels the previous week, bringing inventories to the lowest in eight months.
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.
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.
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.
Oil prices may briefly reach $100 per barrel due to output cuts and geopolitical tensions, but they are expected to decline by the end of the year due to faster supply growth compared to demand growth, according to a Wall Street analyst.
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.
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.
Oil prices rose by more than $1 a barrel on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy.
Oil majors ExxonMobil, Chevron, and BP are near buy points as U.S. crude oil prices continue to rise above $90 per barrel.
US oil prices reached $94 a barrel for the first time in over a year, leading to concerns of higher prices at the pump and inflation across the economy.
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 near $100 per barrel, driven by supply cuts from major producers, may not be sustainable in the long term due to global economic fragility, incoming seasonal demand drops, and the potential for demand destruction once prices reach $110 per barrel.
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.
Oil prices plummeted and energy stocks fell as Americans reduce their gasoline consumption in response to high prices, with average gas prices hitting $3.79 per gallon, causing concerns about slower economic growth and cutting into demand.
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.
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.
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.
Gas prices in the United States have fallen despite rising oil prices, with experts predicting further declines if there are no geopolitical shocks or further violence in the Middle East.
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.
