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US Gasoline Prices See Fastest Rise in a Year

OIL PRODUCTS

US gasoline pump prices rose 4 cents to $3.63 per gallon July 24, the largest rise since June 2022, according to auto club AAA.

  • Pump prices are now just 5 cents shy of the current 2023 peak last reached in April.
  • Meanwhile, US gasoline stockpiles are at their lowest level since 2015.
  • Higher pump prices could hamper the fight against inflation as gasoline prices are a component of the consumer price index.
  • High gasoline prices had encouraged the Biden Administration into its record 180mn bbl SPR stock release last year as it attempted to quell prices at the pump – a tool it is unlikely to be able to use again.
  • GasBuddy models current US gasoline consumption at around 9mn bpd while today’s EIA report will give an indication of US gasoline demand as well as stockpile levels.

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