Surge in US Gas Prices: Impact on the Most Affected States

surge-in-us-gas-prices-impact-on-the-most-affected-states

In the past year and a half, rising gas prices have been a significant source of concern for many Americans, and this trend is expected to continue during the summer of 2023. Despite numerous predictions that petroleum prices in the United States would decrease during the summer months, the national average is currently $3.73 per gallon and rising.

In fact, the price is soaring, increasing by four cents from Tuesday to Wednesday of this week, the largest one-day increase in the past year. In an interview with CNN, Andy Lipow, president of Lipow Oil Associates, stated, “After a long period of low prices, things have suddenly risen.”

So why are petroleum prices increasing once more? Well, there are a few reasons why gas prices are increasing, and we will enumerate some of them here.

Global extreme temperatures and heatwaves are the primary reason why gas prices will increase in the United States during the summer of 2023. This summer’s above-average temperatures in the Northern Hemisphere have led to another increase in gas prices.

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Florida Leads USA’s Top States with Costliest Gas Prices

surge-in-us-gas-prices-impact-on-the-most-affected-states
Photo by: Justin Sullivan via Getty Images

Florida, where the price has risen from $3.45 per gallon last week to $3.67 per gallon this week, and Pennsylvania, where the price has risen from $3.70 per gallon last week to $3.83 per gallon this week, have experienced the greatest increases in gas prices over the past week. California continues to have the highest petroleum prices in the United States, at $4.95 per gallon.

Heatwaves Fueling Gas Price Surge

There are two primary reasons why elevated temperatures result in higher gas prices. One reason is that more people are using air conditioning to cool off, which increases demand and, consequently, raises petroleum prices.

The second reason is that many oil refineries reduce production in response to high temperatures for safety reasons, thereby reducing supply and increasing gas prices. The problematic combination is causing Americans, who had anticipated that extremely high gas prices were a thing of the past, new headaches.

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Source: Marca, Khou11

 

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