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Tight refining supply has kept the gap wide between wholesale gasoline futures and retail prices, currently at about $1.25 a gallon, far exceeding the average of 88 cents over the past five years.
Higher wholesale gas prices, which jumped 6.8% just from January to February, drove much of last month's increase. Wholesale grocery costs also posted a large gain, rising 1%.
U.S. wholesale gasoline prices are tumbling, with percentage drops per gallon on Wednesday between 6.9% and 10.8%. A flurry of weak economic data took more wind out of the market.
While prices have come down since the peak in June, prices were beginning to tick up again. Gas prices hit $3.79 a gallon the week of September 29, 2022, up from $3.73 on September 23, 2022 — an increase of $0.06 per gallon over the last week. [14] Since October 10, 2022, the price of gasoline has gone down again.
Prices are expected to go lower as the industry soon switches to a cheaper winter-grade gasoline. Analysts predict the national average will dip below $3 per gallon in the coming weeks barring an ...
September 12, 2024 at 6:04 AM. By Shariq Khan. NEW YORK (Reuters) - U.S. motorists should see gasoline prices fall below $3 a gallon for the first time in over three years as soon as next month ...
Gasoline prices have seen their biggest weekly decline of the year, but a spike at the pump could still come later this summer. On Tuesday, the national average for gasoline stood at $3.52 per ...
Gasoline prices hit 2023 highs this week as US crude topped $90 per barrel ... versus a prior forecast of $2.20 to $2.50. ... Saudi Arabia recently extended its unilateral production cuts for the ...