US Gasoline Prices Stick at $4 per Gallon Amid Refining Capacity Concerns
Gasoline prices in the US have remained stubbornly high at around $4 per gallon, despite the summer driving season typically bringing lower prices. According to Tom Kloza, chief oil analyst at Gulf Oil, this is a concerning trend, especially for this time of year.
The current average price of gasoline is about 90 cents higher than it was last August, with the peak driving season usually leading to rising oil prices in the summer and declining prices in the autumn. Kloza projected that prices could remain high for another four to five weeks.
Experts attribute the high prices to several factors, including reduced refining capacity due to drone strikes in Russia and the Middle East, as well as increased demand for gasoline produced in the US to fill a gap left by challenges in getting crude oil out of the Strait of Hormuz. As a result, Americans may see higher prices for everyday products.