06/11  Closing Prices / revised 06/12/2024 07:53 GMT 06/11 OPEC Basket  $82.36   +$1.43 cents 06/11 Mexico Basket (MME) $72.63  +$0.43  cents  | 04/30 Venezuela Basket (Merey)   $74.91   +$3.93 cents | 06/11 NYMEX WTI Texas Intermediate July CLN24 $77.90  +$0.16 cents  | 06/11 ICE Brent August  BRNQ24    $81.92  +$0.29 cents  | 06/11 NYMEX Gasoline June RBN24  $2.40  +0.1%  |  06/11 NYMEX  Heating Oil July  RBN 24    $2.42  +0.3% | 06/11 Natural Gas July NGN24  $3.12   +7.7%  | 06/07 Active U.S. Rig Count (Oil & Gas)   594  -6  | 06/12 USD/MXN Mexican Peso   18.6503  (data live)  | 06/12 EUR/USD     1.0745 (data live)  | 06/12 US/Bs. (Bolivar)   $36.43850000 ( data BCV)

big thing: Cheaper gas – Alex Fitzpatrick, Jennifer A. Kingson and Joann Muller/Axios

Data: GasBudy
By Alex Fitzpatrick, Jennifer A. Kingson and Joann Muller      
Click to see: Interactive map (Gas Buddy)
- A gallon of gas cost $3.79 on average nationwide as of yesterday, per GasBuddy, Alex and Kavya Beheraj report.

    That's up a bit from the winter months — as expected based on historical patterns — but lower than last year's highs of nearly $5.

- Yes, but: Gas prices ticked up in recent weeks due to excessive heat in Gulf states like Texas and Louisiana, where many of the country's oil refineries are located.

    "Refineries, which turn crude oil into products like gasoline, don't function as efficiently in 100+ degree weather," Axios' Emily Peck reports.

- Why it matters: America is a nation of car travelers, with the average person driving nearly 13,500 miles per year.

    Thus, higher gas prices take a bigger toll on our wallets — and contribute to overall inflation.
    Gas prices can also influence how quickly people convert to low- or zero-emissions cars — a major Biden administration policy goal.
    Still, how much you'll actually save by going electric can vary significantly based on your local gas and electricity rates, among other factors.

- Zoom in: Compared to August 2022, gas prices have come down most significantly in Idaho (-14.4%), Nevada (-12.1%) and Massachusetts (-11.0%).

    They've gone up most significantly in Iowa (+6.1%), Florida (+5.7%) and Georgia (+5.7%).

- Be smart: Several factors can drive state-by-state variations in gas prices, including a state's taxes and its proximity to refineries.

    But state-level gas prices tend to follow the same broader trendlines, with occasional variations.
    As you can see in the map above, gas prices are generally falling or flat compared to August 2022.

- What's next: All eyes are on hurricane season, as severe storms can further disrupt refineries — thus reducing supply and raising prices.

- Saudi Arabia's continued oil production cut also stands to increase energy prices.

- The bottom line: "The pace of increases has started to slow down over the last few days, and for now, appears to have hit a peak over the weekend and is beginning to gently fall," Patrick De Haan, head of petroleum analysis at GasBuddy, said in a recent statement.

 - But "the respite from gasoline rising may not last long."    


axios.com 08 10 2023

 
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