Energy Economics News

"Rapid Surge: Gas Prices Soar Amid Refinery Issues and Increased Travel"

Gasoline prices are on the rise due to refinery constraints and higher oil prices, with the national average at $3.35 per gallon. Severe weather and power losses have stunted US refining, leading to potential increases in retail gas prices. The Midwest and western states are facing significant price hikes, with California averaging $4.83 per gallon. US crude futures surged above $80 per barrel, despite OPEC+ extending output cuts. Expectations of continued production cuts have contributed to the upward trend in crude oil prices.