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US Gasoline Prices Rise on Spike in Corn Belt: GasBuddy

OIL PRODUCTS

US average gasoline pump prices rose in the week to Sep 10, ending a two-week decline in prices, according to GasBuddy.

  • Average pump prices rose 1.6 cents to $3.79/gal according to data from over 150k petrol stations.
  • The national average is down 3 cents on the month but is 11.4 cents higher compared to the previous year.
  • Prices rose due to increases in the second half of the week within the Corn belt. In states such as Iowa and Minnesota, the average price rose by over 30 cents/gal, while 10 states saw at least 10 cents/gal spikes.
  • Refinery issues on the West Coast also supported prices, helping to boost the national average.
  • Prices are expected to soften as most of the USA switches to winter grade gasoline from Sep. 16.
  • Meanwhile, U.S. retail gasoline demand saw a 3.9% decrease in the week to Sep. 9 as post-Labor Day travel appeared to drop significantly, GasBuddy said.

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