All articles tagged with #summer blend
Downtown LA Chevron at 901 N Alameda Street is charging $8.31 per gallon, far above the city average, with the high price attributed to location costs, rent, taxes, and the seasonal switch to a more expensive summer blend, while price differences near busy areas are common and not illegal.
Even as crude oil prices fall, U.S. gas prices are likely to stay elevated for weeks due to seasonal summer-blend gasoline, higher demand as weather warms, and ongoing Iran-related risk in the Strait of Hormuz; the national average is around $3.54 per gallon with forecasts of roughly $3.55–$3.65, and gas prices may not return to pre-war levels.
Gas prices in California have surged due to the switch to the summer blend, refinery maintenance, high taxes, and international events impacting the global oil market. The state's average gas price has risen close to 30 cents a gallon in the last week, significantly higher than the national average. Experts expect prices to stabilize and potentially decrease after Memorial Day, once refinery maintenance is completed and the switch to the summer blend is over.
Gas prices in Los Angeles County have surpassed $5 per gallon, with Orange County not far behind. The increase is attributed to rising crude oil prices, which are currently over $80 per barrel, and the impending switch to California's more expensive summer blend of gas. The national average for a gallon of gas is $3.533, according to AAA, and prices are expected to continue rising in the coming weeks.
Gasoline prices in the US have risen to over $3.50 per gallon, surpassing last year's average due to increasing oil prices, declining inventories, and the introduction of a more expensive summer blend of gas. The national average is nearly $0.10 higher than a year ago, with California experiencing prices approaching $4.97 per gallon. Rising crude oil futures, OPEC+ output cuts, and Russian refinery interruptions have contributed to the increase. Despite this, a slight slowdown in price increases is expected in the Midwest following the resumption of operations at BP's Whiting refinery. Higher gas prices have also been a factor in the recent rise in inflation.