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US Pump Prices Could Rise to Highest Since Summer 2022: AAA

OIL PRODUCTS

Rising oil process due to supply concerns are likely to push US gasoline pump prices to the highest since summer 2022 to $4/gal, according to the AAA cited by Bloomberg. The current national average pump price is the highest since late October at $3.54/gal.

  • An estimated 600kbpd of offline Russian refineries due to drone attacks has added to the price support from the transition to summer-grade gasoline and inventories falling to the lowest since December.
  • Higher pump prices will likely force Americans to make lifestyle changes and be a focus ahead of November’s presidential election, said AAA spokesperson Devin Gladden.
  • More incidents like the BP Whiting refinery outage “because of aging refinery infrastructure, that could certainly put a crimp on supply, particularly during the summer when we typically see higher demand level,” Gladden said.
    • RBOB APR 24 down 0.6% at 2.73$/gal
    • EU Gasoline-Brent down 0.3$/bbl at 23.34$/bbl
    • US gasoline crack down 0.5$/bbl at 32$/bbl
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