In a note to clients Monday, Andy Lipow, president of Lipow Oil Associates LLC consultancy, said he also expects gasoline prices to rise to as high as $4. Lipow also noted gasoline inventories have plummeted across much of the U.S. because the previously lower pump prices increased demand among drivers, which caused prices to climb.
How much does gas cost in the US?
Across the nation, gas prices fluctuated from as high as $6.33 to a low of $3.230. Over the past week, gas prices have seen prices go up from 24 cents to less than one cent across the nation, according to the American Automobile Association (AAA).
Why are gasoline pump prices so high?
Amid tightening supply, high gasoline demand has led to higher pump prices nationwide. Since last week demand for gas increased nationally from 8.83 million barrels a day to 9.47 million barrels, according to the Energy Information Administration (EIA).
Why are oil prices going up?
“The possibility of petroleum supply disruptions and slower-than-expected crude oil production growth continues to create the potential for higher oil prices, while the possibility of slower-than-forecast economic growth creates the potential for lower prices,” according to the U.S. Energy Information Administration.
9 hours ago
· Over the past week, the national average price for a gallon rose 10 cents, to $3.92, according to AAA. That means the cost to pump 15 gallons into a vehicle is now a whopping …
5 hours ago
· Gas prices are likely to change as a result of the decision from OPEC plus, that's the group of 23 oil exporting countries who meet regularly to decide how much crude oil will …
30 hours ago
· According to AAA, the national average price of a gallon of gas climbed to $3.92 on Monday. Prices are likely to keep going higher from here as oil prices climb, according to …
2 hours ago
· Why are gas prices going back up? September 25, 2022, 10:47 PM. According to the Energy Information Administration, gas inventory is at its lowest point in about a decade. …
7 hours ago
· Oil prices climbed, and the national average topped out at $5.01 for a gallon of gas. To relieve supply shortages, the U.S. decided to release 180 million barrels of crude oil from the …
12 hours ago
· Gas prices are already going up again, largely due to the anticipation of more uncertainty. In addition to anticipated changes made by the international oil cartel OPEC+, gas …
17 hours ago
· Demand for gasoline is rising, and global supply is set to remain limited after the OPEC+ decision, meaning higher prices. And while price increases over the past week have …
31 hours ago
· The U.S. average jumped 7 cents from last week, hitting $3.83 as of Wednesday — 63 cents higher than it was a year ago. In 10 states, the cost of the average gallon of gas rose …
25 hours ago
· The fluctuating oil prices and tight gas supply are to blame for this most recent spike in prices, according to AAA. The group expects the cost of gas to keep increasing as oil …
