The United States may be on the verge of an increase in gasoline prices, with the price in some American states rising to as much as $ 4 per gallon, according to the AAA.
As crude oil prices have soared in recent weeks, Americans are already paying 14% more for a gallon of gas than in February, according to AAA data.
And the signs do not indicate that these prices will fall anytime soon.
“With increased demand and more restricted gas supplies, we are looking at more expensive pump prices with little relief in the coming weeks,” said AAA spokesman Jeanette McGee in an article on the AAA website.
Gasoline inventories for the week ending March 5 fell, as demand for the fuel continued to rise to levels not seen since November.
The price of WTI oil increased dramatically over 2021, from $ 48 per barrel at the beginning of the year to more than $ 65 per barrel today, as the supply situation begins to tighten with increasing demand for oil and OPEC + continues to restrict production.
The increase in gasoline prices in recent weeks in particular, however, has been exacerbated by disruptions at oil refineries in the United States after the devastating effects of freezing temperatures that hit Texas several weeks ago, causing widespread shutdowns at refineries that have not yet returned completely to normal. As more refinery units return to operation, higher gasoline prices may be somewhat mitigated.
And prices can reach $ 4 in some areas in the summer months – the typical peak of the car season.
The areas that saw the biggest price increase at the pump last week are Utah, Idaho, Missouri, Florida, Kentucky, Illinois, South Caroline, Alabama, Mississippi and Wyoming – all of which saw double-digit increases anywhere from 10 cents per gallon at 25 cents per gallon. Mississippi, however, is still the cheapest gasoline market in the country, according to the AAA.
By Julianne Geiger for Oilprice.com
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