Gas prices are rising (again). The heat and supply cuts impact what you pay at the pump, experts say
abcnews.go.comU.S. gas prices are continuing to rise — giving drivers across the country another headache at the pump
NEW YORK — U.S. gas prices are continuing to rise — giving drivers across the country another headache at the pump.
The national average for gas prices stood at about $3.82 a gallon on Thursday — about 29 cents higher than that seen one month ago, according to motor club AAA. While today’s prices at the pump remain far lower than they were last year, when energy costs soared worldwide in the months following Russia’s invasion of Ukraine, experts say such a jump is unusual.
The rising prices are especially interesting as “fewer people are fueling up” their cars this summer compared to years past, AAA spokesperson Andrew Gross explained in an interview this week.
In the U.S., gasoline prices are highly dependent on crude oil — which has also climbed over recent weeks. West Texas Intermediate crude, the U.S. benchmark, traded over $81 a barrel Thursday afternoon. That marks a $12 jump since July 3, according to OPIS global head of energy analysis Tom Kloza.
A few factors are causing oil prices to rise, analysts say, including impacts of this summer’s extreme heat on refineries and global supply production cuts — notably from Saudi Arabia, which on Thursday extended its unilateral reduction of 1 million barrels a day through the end of September. Here’s what you need to know.
WHY ARE GAS PRICES RISING? BLAME THE HEAT AND PRODUCTION CUTS
This summer’s record temperatures are partly to blame for the rising gas prices.
“While the heat may be keeping people home, it’s also keeps refineries from making refined product,” Gross explained, noting that refineries are typically designed to operate between 32 and 95 degrees
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