Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowGasoline pump prices this summer are set to climb to their highest level since the summer 2022—to $4 a gallon—as oil rises amid supply concerns.
Futures and pump prices have been boosted the past few weeks by the transition to summer-grade gasoline and as inventories shrink to the lowest level since December. Attacks on Russian refineries have taken about 600,000 barrels a day of capacity, further enforcing concerns.
The hike at the pump likely will force Americans to make lifestyle changes and be a focus in November’s presidential election, said Devin Gladden, a spokesperson for AAA, which tracks gasoline prices. In addition, maintenance at U.S. refineries and unexpected outages caused by leaks and fires also have had an impact on supplies and prices, Gladden said.
The current national average is $3.54 and the current average in Indiana is $3.49.
“One fire that could last for weeks that could really put supply in a tight crunch just like we saw in the Midwest this winter,” Gladden said, referring to the BP Plc. refinery in Whiting, Indiana, in February. “If we see more incidents like that because of aging refinery infrastructure, that could certainly put a crimp on supply, particularly during the summer when we typically see higher demand levels.”
Please enable JavaScript to view this content.
But Joe Biden claims Bidenomics has inflation under control. Say it ain’t so Joe!
I genuinely believe that you don’t know the difference between a fluctuation in price and inflation.
The headline should be: We wouldn’t have to worry about summer gas prices this year because we drill and refine locally.
But …… we can’t say that in this administration. We shouldn’t have to worry about Russian attacks, Saudi princes, or Venezuelan dictators when we go to our neighborhood gas station. But we all do in Biden’s America.
Oh, and since Joementia drained the US strategic oil reserves before the last mid-term to get gas prices down, he doesn’t have that luxury this fall either.
…but we can. The U.S. set an oil production record on December 15, 2023. Also, if you think that geopolitics hasn’t been an issue until now, then LOL. Don’t forget, 38 million barrels of oil was to be sold from the SPR in 2022 as part of a Congressional mandate. There is currently just over 360 million barrels worth of oil (most of it crude) in the SPR, well above the mandated 90-day minimum supply outlined within the IEA.
TL;DR – You have absolutely no idea what you’re talking about.
The real issue as Trump selling all of our refineries to the Saudis and Jared cashing the 3 billion dollar check….
We are drilling more oil than we ever have, but the Saudis get to choose the price when it hits the market
Shoutout to Indiana Republicans for adding another .45 cents to every gallon of gas in taxes in the last 2 years!