Most of America is once again dealing with a spike in gas prices.
According to Gas Buddy’s lead economist Patrick De Hann, “The national average price of gasoline now stands at $3.73/gal, a rise of 17 cents from last week, the sharpest weekly rise in over a year, and will likely continue trending higher for now.”
Biggest jumps in average #gasprices from a week ago, by state:
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) July 31, 2023
It doesn’t appear as if they are going to go down anytime soon either.
GasBuddy Head of Petroleum Analysis @GasBuddyGuy on gas prices hitting an 8-month high: “The market has swung into an imbalance that will probably grow over the months ahead and can push oil prices up even more significantly.”@RiggsReport @BrianBrenberg @LydiaHuNews pic.twitter.com/WgiSKDe9yg
— The Big Money Show (@TheBigMoneyShow) July 28, 2023
It’s normal for prices to increase during the summer as people go on vacation increasing the demand for gasoline however, that’s not what is happening.
Demand is down but prices keep rising.
BREAKING: According to GasBuddy data, weekly (Sun-Sat) US gasoline demand was down 0.8% from the prior week and 1.6% below the four week average. We model demand at 8.93mbpd.
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) July 30, 2023
Production was up in the USA during the spring but hot weather in the South has caused some disturbances. Making matters worse Russia and Saudia Arabia have cut their production driving up prices.
US crude production was at 12.662mbpd in May vs 12.677mbpd in April (revised up from 12.615mbpd)
— Giovanni Staunovo🛢 (@staunovo) July 31, 2023
It doesn’t appear that gas prices are coming down and we haven’t even gotten to hurricane season yet.
— Neil Cavuto (@TeamCavuto) July 31, 2023