The United States could be on the verge of raising the price of gasoline, with prices in some US states rising to $ 4 a gallon, according to AAA.
As oil prices have risen in recent weeks, Americans are already paying 14 percent more for a gallon of gasoline than they were in February, according to AAA data.
And the signs do not indicate that these prices will fall soon.
“As demand increases and gasoline supplies tighten, we are looking at more expensive pump prices, with slight relief in the coming weeks,” AAA spokeswoman Jeanette McGee said in an article on the website AAA.
Gasoline stocks for the week ending March 5 fell as fuel demand continued to rise to unprecedented levels since November.
The price of WTI crude oil has risen sharply throughout 2021, from $ 48 a barrel at the beginning of the year to more than $ 65 a barrel today, as the supply situation begins to worsen as crude oil demand increases. and OPEC + continue to restrict production.
Rising gasoline prices, especially in recent weeks, in particular, have been exacerbated by the disruptions of U.S. oil refineries following the devastating effects of freezing temperatures that hit Texas a few weeks ago, causing widespread disruptions at refineries that still they did not fully return. the normal. As more refineries return online, higher gasoline prices may be somewhat eased.
And prices could reach $ 4 in some areas until the summer months – the typical height of the driving season.
The areas that have seen the largest increase in pump prices in the last week are Utah, Idaho, Missouri, Florida, Kentucky, Illinois, South Carolina, Alabama, Mississippi and Wyoming – all those that have seen double-digit increases from anywhere since 10 cents per gallon to 25 cents per gallon. However, Mississippi is still the most expensive gasoline market in the country, according to AAA.
By Julianne Geiger for Oilprice.com
More top readings from Oilprice.com: