Prices at the pump in the US hit an eight-month high this week — boosted by the increased cost of crude oil as producers slash output.
, as of Friday, the average national gas price is $3.73 per gallon for regular gas — up 20 cents from last month’s average.
“Nearly 4% of daily output being cut has led to increased crude and gasoline prices, despite less-than-robust summer demand in the US,” Sinclair said.Brent crude futures were up this past month about 11%, at $82.33 a barrel.Refinery utilization, which measures how much crude oil refineries are processing, is also down, which Sinclair ascribed “to excessive heat” that has been affecting two-thirds of the US across two dozen states this month.
The Post reached out to Bayway Refinery to inquire, and its community hotline confirmed that as of July 16, it was still offline for repairs.“The major X factor is a hurricane hitting the oil infrastructure of the Gulf Coast. That could send prices soaring overnight,” he said. “And with water temperatures around Florida at 100 degrees, the possibility of the formation of a major storm is increased.
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