Gasoline prices hit their highest level since September on Wednesday, driven by the transition to a more expensive summer fuel blend and oil prices staying above $70 per barrel.
The national average for gas reached $3.24 per gallon—$0.14 higher than a month ago but still $0.29 lower than this time last year, according to AAA. Spokesperson Aixa Diaz explained that the shift to summer-blend gasoline, which costs more to produce, along with seasonal refinery maintenance, has temporarily affected supply.
Meanwhile, US gasoline inventories dropped to their lowest level since December, just as drivers hit the road for spring break. Oil prices have also surged, with WTI crude trading above $71 per barrel and Brent crude exceeding $74.
Geopolitical tensions are adding to market volatility, with the Trump administration pressuring Iran on a nuclear deal, threatening tariffs on countries buying Russian crude, and imposing "secondary tariffs" on Venezuelan energy. Analysts warn that aggressive new tariffs from the White House could significantly impact oil prices.
Goldman Sachs predicts that a 10% tariff on oil imports would drive up fuel costs, particularly on the US East and West Coasts, where domestic production is less able to offset reduced imports.OEXN: Gas Prices Reach Highest Since September with Oil Staying Above $70 per Barrel
Gasoline prices hit their highest level since September on Wednesday, driven by the transition to a more expensive summer fuel blend and oil prices staying above $70 per barrel.
The national average for gas reached $3.24 per gallon—$0.14 higher than a month ago but still $0.29 lower than this time last year, according to AAA. Spokesperson Aixa Diaz explained that the shift to summer-blend gasoline, which costs more to produce, along with seasonal refinery maintenance, has temporarily affected supply.
Meanwhile, US gasoline inventories dropped to their lowest level since December, just as drivers hit the road for spring break. Oil prices have also surged, with WTI crude trading above $71 per barrel and Brent crude exceeding $74.
Geopolitical tensions are adding to market volatility, with the Trump administration pressuring Iran on a nuclear deal, threatening tariffs on countries buying Russian crude, and imposing "secondary tariffs" on Venezuelan energy. Analysts warn that aggressive new tariffs from the White House could significantly impact oil prices.
Goldman Sachs predicts that a 10% tariff on oil imports would drive up fuel costs, particularly on the US East and West Coasts, where domestic production is less able to offset reduced imports.Publication date:
2025-04-03 10:36:11 (GMT)
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