Drivers are in for another headache at the pump as U.S. gas prices continue to rise.
The per-gallon price is displayed electronically at the pump of a Shell station Wednesday, July 5, 2023, in Englewood, Colo. The national average for gas prices stood at about $3.78 a gallon on Tuesday about 25 cents higher than that seen one month ago, according to motor club AAA. The national average for gas prices stood at about $3.78 a gallon on Tuesday — about 25 cents higher than that seen one month ago, according to motor club AAA.
There are a few factors causing oil prices to rise, Gross and Kloza say, including global supply production cuts and impacts of this summer's extreme heat on refineries. Here's what you need to know.This summer's record temperatures are partly to blame for the rising gas prices. Still, “the fact that some refineries are struggling has meant that the ones who are able to operate are making really nice profits," he said. Today's U.S. domestic demand is about 9 million barrels a day, about a half a million below expectations for peak summer months, but the country is exporting a lot of gasoline, he added.
Mississippi had the lowest average at about $3.29 per gallon, followed by $3.39 in Louisiana and and $3.40 in Alabama.It's hard to know what gas prices will look like in the coming weeks, experts say.
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