The United States could be on the cusp of a rise in gasoline prices, with the price of some US states rising to $ 4 per gallon, according to AAA.
As crude oil prices have risen in recent weeks, Americans are already paying 14% more per gallon of gasoline than they did in February, according to AAA data.
And the signs do not indicate that these prices will go down soon.
“With rising demand and tighter gasoline supplies, we are looking for more expensive pump prices with little relief in the coming weeks,” AAA spokeswoman Jeanette McGee said in an article on the website of ‘AAA.
Gasoline inventories for the week ending March 5 fell as fuel demand continued to rise to levels not seen since November.
The price of WTI crude has risen sharply over 2021, from $ 48 a barrel earlier this year to more than $ 65 a barrel today, as the supply situation begins to harden as it ‘expands demand for crude oil and OPEC + continues to restrict production.
Rising gasoline prices in recent weeks, in particular, have been exacerbated by oil refinery disruptions in the United States following the devastating effects of freezing temperatures that hit Texas several weeks ago. causing widespread refinery cuts that have not yet returned completely to normal. As more refinery units come back online, higher gasoline prices could be mitigated a bit.
And prices could reach $ 4 in some areas during the summer months, the typical height of the driving season.
The areas that experienced the highest increase in bomb prices over the past week are Utah, Idaho, Missouri, Florida, Kentucky, Illinois, South Carolina, Alabama, Mississippi and Wyoming, all of which saw double-digit increases since of 10 cents. per gallon up to 25 cents per gallon. Mississippi, however, remains the least expensive gasoline market in the country, according to AAA.
By Julianne Geiger for Oilprice.com
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