Author Topic: Gas prices hit 8-month high as oil prices soar — and there’s no relief in sight  (Read 1439 times)

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Offline mystery-ak

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Gas prices hit 8-month high as oil prices soar -- and there's no relief in sight
Shannon Thaler

Prices at the pump in the US hit an eight-month high this week — boosted by the increased cost of crude oil as producers slash output.

According to roadside assistance company AAA, as of Friday, the average national gas price is $3.73 per gallon for regular gas — up 20 cents from last month’s average.

The more fuel-efficient premium gas, meanwhile, has surged to nearly $4.50 — also a 20-cent increase from June.

California’s average is the highest, at $4.95 per gallon of regular gas. In counties like Mono, for example, located just outside Yosemite National Park, the price per gallon has soared to an eye-watering $6.05, according to figures by AAA.

AAA spokesman Robert Sinclair cited OPEC+’s July 1 decision to slash crude oil production to 3.6 million barrels per day — “3.6% of total daily global production of 100 million barrels,” Sinclair said.

The voluntary cut is being implemented on top of a broader deal by the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia to limit supply into 2024 as the OPEC+ producer group seeks to boost flagging oil prices.

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Offline GtHawk

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Offline mountaineer

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As soon as you mention on Twitter gas prices rising 41 cents per gallon overnight, the lefties converge - the president doesn't control gas prices!! It's the greedy corporations!!! Blame Exxon!!!!!

Whatever. All I know is we went from $3.15 to $3.56. A day or two later, the price settled back at $3.49, where it remains (of course, the lefties would say, "Look, Joe Biden lowered prices by 6 cents!").
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Offline sneakypete

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This is happening because  Our Masters want those of us who will be allowed private transportation to have a limited travel range so that if you plan to leave whatever gulag you  live in,you  will have to ask them for transport as well as permission.
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Offline Wingnut

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We are so screwed. This will drive inflation higher.  Everything brought by a truck will go up.    FJB.
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Offline Elderberry

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Yep. It's crawling back up. My last fill-up was on 7/26 and I had to pay $3.099/gal. First time over $3 in quite a while.

Offline Fishrrman

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Just checked price of crude -- 81.37.

Yet the sudden increase in "at the pump" prices don't correspond to the increase of crude, which has been creeping up, but slowly.
The increases at the pump are noticeably steeper.