U.S. Gasoline Awaits Next Price Hike Catalyst

The average price for a gallon of retail gasoline in the United States has risen roughly $0.20 per gallon over the last 30 days, data from tech company GasBuddy indicates. 

According to American Automobile Association (AAA) spokesperson Andrew Gross, oil market disruptors are “always lurking” and the price of gasoline could be sent even higher.

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U.S. gasoline prices were averaging $3.662 per gallon heading into the weekend up from $3.645 the day before.

“Something could be happening elsewhere around the world, and it could make the price really go up or down,” Andrew Gross told Fox News Digital. 

“Whether its fears of an economic slowdown that pushes the price down, or warfare or tensions, or things of that nature that can cause the prices to go up. And also watch hurricane season. That’s always lurking.”

The hike comes just after a surge in crude oil prices, after OPEC+ disclosed plans to cut another 1.6 million barrels per day off its production quotas.

U.S. gasoline inventories fell by 300,000 barrels to a total of 222.2 million barrels, according to the latest Energy Information Administration (EIA) report. This is 4.7% down compared to a year ago, and 7% below the five-year average for this time of year.

Meanwhile, gasoline supplied to the market (implied demand) clocked in at 8.94 million bpd for the week, a figure that is 360,000 bpd lower than the week prior.