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Gas Prices Surge Across the U.S., Highest in Nearly Three Months
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By News
Published 2 months ago on
February 17, 2024

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U.S. gas prices rise to $3.28 per gallon, highest in three months.

Refinery shutdowns contribute to limited gas supply.

Experts predict gas prices will continue to rise, peaking this summer.


Gasoline prices across the United States are on the rise, with the national average increasing by 11 cents in the past week to $3.28 per gallon, according to AAA. This surge in prices is the highest in nearly three months and is expected to impact millions of Americans traveling during the Presidents’ Day weekend.

The increase in gas prices is partly due to the seasonal shift from winter to summer fuel, which is more expensive. However, the shutdown of several refineries, including the largest in the Midwest, has also contributed to the limited supply of gas.

Patrick De Haan, head of petroleum analysis at GasBuddy, stated, “The White House is somewhat powerless. The president doesn’t really deserve credit or blame. The market will do what it’s going to do.”

The rise in gas prices is a regular occurrence as winter ends, with prices typically increasing between 35 and 85 cents a gallon from the winter low to the spring-summer peak. This is due to the increase in oil prices and the higher demand for fuel as people travel more in warmer weather.

However, unexpected refinery outages have complicated matters this winter. The shutdown of BP’s Whiting refinery in northwest Indiana, the largest in the Midwest, has significantly impacted gas prices in the region. Over the past month, gas prices have surged by 47 cents in Ohio, 40 cents in Indiana, and 36 cents in Illinois.

Looking ahead, experts predict that gas prices will continue to rise, albeit at a slower pace. Andy Lipow, president of consulting firm Lipow Oil Associates, expects the national average to peak between $3.50 and $3.75 a gallon this summer, barring any major disruptions.

Read more at CNN.

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