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Gas Prices at the Pump Post Biggest Jump Since August – Bloomberg

An oil refinery in Asalouyeh Seaport, Iran. Photographer: Saeid Arabzadeh/AFP/
An oil refinery in Asalouyeh Seaport, Iran. (Saeid Arabzadeh/AFP)

Chunzi Xu, Bloomberg News

EnergiesNet.com 12 26 2023

US pump prices had their biggest jump in more than four months, tracking gains in oil, as many Americans get ready for holiday road trips.

Regular gasoline now costs an average of $3.097 a gallon after notching the biggest one-day increase since August with a 0.6% gain, according to data from the American Automobile Association. The group estimates that nearly 104 million people will drive to their holiday destinations this year, the second highest on record.

Fuel costs are likely to trend higher as long as oil continues its rally. At the current pace of increase, prices will soon catch up to year-ago levels and renew fears of inflation as next year’s US presidential election campaign heats up.

The failure by OPEC+ and its allies to rally prices means gasoline costs in the US will likely fall further.

bloomberg.com 12 20 2023

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