The rising cost of oil and refineries dialing back production during the summer heat have driven gas prices to their highest levels in nine months.
The average price for a gallon of regular-grade gas in the United States reached $3.80 on Wednesday, 26 cents more compared with a month ago, according to data from AAA. It is the highest level since November, though still lower than the peak average of $5 in June 2022.“Last June, the prices were a war-induced mania,” Gross said. “Now, prices are a reaction to scorching summer temperatures.”
Oil prices are around $80 a barrel. Crude supply cuts have led to global declines in oil inventories, said Patrick DeHaan, head of petroleum analysis at GasBuddy. Analysts expect gas prices to ease by October, but hurricane season could lead to more hikes in the short term. In South Florida especially, where water temperatures off the Gulf Coast“If a hurricane hits that hot Gulf Coast water, that could boost prices on the national level 10 to 30 cents, even if only for a month,” Gross said.
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