• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 20 mins How Far Have We Really Gotten With Alternative Energy
  • 11 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 24 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 5 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Biden’s SPR Gamble Sparks Debate Over U.S. Energy Security

Biden’s SPR Gamble Sparks Debate Over U.S. Energy Security

The Biden Administration has significantly…

U.S. Gasoline Prices Break Losing Streak

Gasoline prices rose 3.2 cents from a week ago, according to new GasBuddy data published on Monday. The price hike is the first in 14 weeks.

The national average for a gallon of gasoline in the United States rose to $3.67 on Monday, GasBuddy data showed. Meanwhile, diesel prices continued to fall.

Behind Monday’s price rise are in part, refinery outages, along with unseasonably low inventories. Last week, a fire broke out at BP’s 160,000 bpd refinery in Toledo, taking the facility offline. Refinery issues in particular regions of the country have resulted in price disparity between the different regions.

“I don’t know that I’ve ever seen a wider gamut of price behaviors coast to coast in my career,” head of petroleum analysis at GasBuddy said in a note on Monday. “A slew of unexpected refinery disruptions, including fires and routine maintenance, have seemingly all happened in a short span of time, causing wholesale gas prices to spike in areas of the West Coast, Great Lakes and Plains states – and some of those areas could see prices spike another 25-75 cents per gallon or more until issues are worked out.”

The national average is now 17.5 cents lower than this time last month, but 49.3 cents higher than a year ago.

Some gasoline prices in Michigan have already climbed over $4 per gallon, with De Haan expecting more stations to join the hike, including in Indiana, Ohio, Illinois, and Wisconsin. Continued refining issues in California are also resulting in higher prices there.

Crude oil prices were also up on Monday, although have fallen substantially in recent weeks. WTI was trading at $79.60 per barrel, up $0.86 (+1.09%) on the day.

The United States continues to release crude oil from its Strategic Petroleum Reserve to bring crude oil and gasoline prices down. The question remains, however, what price—and how vehemently—will OPEC+ defend, and whether SPR releases will have any impact on the markets should OPEC+ decide to cut production.

ADVERTISEMENT

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News