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Gas prices are surging across the U.S. right now

  • / Updated:
  • Staff Report 

The national average for a gallon of gas has surged 13 cents to $3.71 in just a week, largely due to the oil price, which has risen nearly $4 to hover around $80 per barrel.

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As oil comprises about 50 percent of gas costs, increased oil prices generally result in higher prices at the pump. According to AAA spokesperson Andrew Gross, while gas demand remains low compared to previous years, the recent heatwave is stifling refinery production, leading to constrained supplies and higher costs.

Energy Information Administration (EIA) data shows a slight increase in gas demand, with domestic gasoline stocks dipping and supplies tightening. Consequently, any sudden spike in demand could trigger further price hikes. The most significant price increases over the past week were observed in Indiana, Iowa, Florida, Ohio, and Georgia among other states. As of now, California and Washington hold the nation’s highest gas prices, both averaging $4.93 per gallon.

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