US Gas Prices Hit 8-Month High
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Gas prices are back on the rise.
The national average price of gas is now $3.71, this is a 8-month high.
U.S. gas prices hit an eight-month high Thursday amid rising oil prices.
The national average price for a gallon of regular unleaded climbed to $3.71 Thursday, data from AAA showed. That’s more than 13 cents higher than the week before and the highest since November.
In 16 states, gas prices are up by at least 15 cents in the past week alone — and up 20 cents or more in Florida, Iowa and Indiana.
The move higher follows a surge in oil prices, which have climbed more than $10 a barrel over the past month to a three-month high of more than $80.
This is a terrible time for the rise due to the high demand.
The timing is terrible for drivers, because demand is high right now amid the summer travel season. Gasoline inventories are sitting at their lowest level for July since 2015, according to GasBuddy.
Bank of America on Wednesday warned the oil market will move into a supply deficit of about 1.1 million barrels per day during the second half of this year. That’s why the bank continues to expect Brent oil, the world benchmark, to average $90 a barrel next year, up from $83 today.
The jump in gasoline prices, if sustained, could complicate matters for the economy by undoing progress on the inflation front and eroding rebounding consumer confidence.
The Biden agenda is a disaster.
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