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Gas Prices Climb Toward Record Territory as Experts Warn of More Increases
AAA said gasoline rose more than 40 cents in a month as tight distillate supplies and elevated crude prices pushed diesel to a record $6.45 a gallon.
- On Friday, the national average for regular gasoline reached about $4.47 a gallon, while diesel hit a record $6.45, according to AAA.
- Global fuel markets remain disrupted by the war with Iran, causing tight supplies and elevated crude prices that have driven diesel costs higher in recent months, the Energy Information Administration reported Friday.
- Brown's Climate Solutions Lab estimates the average U.S. household has spent more than $837 extra on fuel since the Iran war began Feb. 28, with cumulative costs surpassing $100 billion nationwide by Sept. 7.
- The Trump administration's Environmental Protection Agency issued an emergency waiver to accelerate winter-grade fuel transitions, though energy economist Hirs said the move made only a 'marginal difference.'
- Reduced crude flows and seasonal refinery maintenance could push prices to exceed $6 or $7 a gallon in some areas, energy economist Hirs warned.
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Gas prices climb toward record territory as experts warn of more increases
The national average for regular gasoline has jumped more than 40 cents in a month to about $4.47 a gallon. University of Houston energy expert Ed Hirs warns that $5 gas nationwide is possible, while refinery disruptions and tight fuel supplies could push prices even higher in some parts of the country.
·Sacramento, United States
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U.S. Gas Prices Reach $4.47 After the Fed’s Rate Hike
Regular gasoline averaged $4.4687 a gallon across the United States on Friday, September 18, up 3.01 cents overnight and 17.37 cents from a week earlier. The fresh rise matters to investors because it arrived two days after the Federal Reserve raised interest rates to contain inflation. AAA’s daily national survey puts the pump price 40.33…
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