{"id":41796,"date":"2023-07-28T20:17:59","date_gmt":"2023-07-29T00:17:59","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/why-are-gas-prices-going-back-up-theres-no-relief-in-sight\/"},"modified":"2023-07-28T20:18:02","modified_gmt":"2023-07-29T00:18:02","slug":"why-are-gas-prices-going-back-up-theres-no-relief-in-sight","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41796","title":{"rendered":"Why Are Gas Prices Going Back Up? There’s No Relief in Sight."},"content":{"rendered":"
\n

Prices at the gasoline pump hit an eight-month high and extended their monthlong gains, with signs that prices could keep rising during peak summer driving season.<\/p>\n

The average
\n U.S. retail gasoline price
\n rose to $3.7137 a gallon on Thursday, the highest since Nov. 17, 2022, according to Oil Price Information Service.<\/p>\n

\n

The move higher is a blow to efforts by the Biden administration to keep retail gasoline prices low and alleviate pain for household budgets. Thursday\u2019s average is still about 59 cents a gallon cheaper than last year\u2019s average of $4.30 a gallon, according to AAA, and below June 2022\u2019s peak price of $5.02 a gallon, AAA said.<\/p>\n

But gasoline prices have risen about 4% in the past month.<\/p>\n

The price of crude oil has also risen in the past month, with American benchmark
\n West Texas Intermediate
\n up 13.3% to around $79.82 a barrel. Still, prices for oil are down from their sharp rally last year after Russia invaded Ukraine in February 2022.<\/p>\n

The rise could be linked to refinery outages, according to Patrick De Haan, GasBuddy\u2019s head of petroleum analysis. Heat-related and other issues have affected refinery operations in Texas and Louisiana, which De Haan said is typical for summer, when the plants run nearly full-tilt.<\/p>\n

\u201cThere\u2019s no magic formula to determine the exact impact on gas prices,\u201d since factors such as refineries make that relationship more murky, De Haan told Barron\u2019s<\/em> in an email. \u201cWe were paying well over $4 a gallon when oil prices were $100 [a barrel], but again, refining capacity has been really the elephant in the room that has caused gas prices to have less of a direct relationship with oil since Covid shut down a significant amount of refinery capacity.\u201d<\/p>\n

The fall in crude oil prices from last year is weighing on big oil producers.
\n Shell
\n \u2018s (ticker: SHEL) second-quarter profit was half what it was one year ago, at an adjusted $5.07 billion, compared with the record $11.5 billion last year.<\/p>\n

Gasoline futures for August delivery are up 12.02% through Thursday, and up 49.10 cents a gallon, or 19.96%, so far this year, according to Dow Jones Market Data. <\/p>\n

The Oil Price Information Service is a Dow Jones company, the same parent as Barron\u2019s<\/em>.<\/p>\n

Write to Janet H. Cho at janet.cho@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Prices at the gasoline pump hit an eight-month high and extended their monthlong gains, with signs that prices could keep rising during peak summer driving season. The average U.S. retail gasoline price rose to $3.7137 a gallon on Thursday, the highest since Nov. 17, 2022, according to Oil Price Information Service. The move higher is […]<\/p>\n","protected":false},"author":1,"featured_media":41797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-41796","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nWhy Are Gas Prices Going Back Up? 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