US Gas Prices Soar Towards Record Territory
Gas prices in the United States have surged over the past month, reaching nearly $4.47 per gallon on average, according to AAA. This marks a jump of more than 40 cents from last month and puts the national average just shy of its record high set in May.
Ed Hirs, an energy expert at the University of Houston, warns that prices could continue to rise, potentially reaching $5 per gallon nationwide. He points to refinery disruptions and tight fuel supplies as major contributors to the price hike.
Hirs also notes that localized spot shortages could lead to prices exceeding $6 or even $7 per gallon in some areas. Oil prices have actually fallen recently, but remain above $100 a barrel, with Brent crude settling at around $104.87 and U.S. West Texas Intermediate at $100.30.
The Trump administration has taken steps to address the issue, including releasing 172 million barrels of oil from the Strategic Petroleum Reserve and accelerating the transition to winter-grade gasoline. However, Hirs says these efforts have only made a 'marginal difference' in lowering prices.