"And it will remain, regardless of whether this conflict goes away." "We've had a supply-and-demand imbalance for a while," Troy Vincent, a senior market analyst at energy analysis firm DTN, told CNET. In April, OPEC fell short of its targeted production increase by 2.7 million barrels a day.
And, according to new data from the Energy Information Administration, the total domestic supply of gasoline is falling: The week of July 13 it dropped 700,000 barrels to 217.5 trillion.īut the Russian invasion isn't the only factor: Even though demand is nearing pre-pandemic levels, producers are still gun-shy about increasing production. Every $10 increase in the cost of a barrel of crude adds almost 25 cents to the price of a gallon of gas.Īccording to the White House, the war has raised gasoline prices by more than $1.70 per gallon.Įven though the US doesn't import much crude from Russia, oil is traded on a global market and any change affects prices all over the world.Ĭalifornia saw the average price of self-serve regular gasoline pass $6 a gallon.Ĭrude oil prices could reach $150 a barrel by fall, Foreign Policy reported. The price of gas is inextricably linked to the cost of crude oil, from which it's refined. Russia's ongoing invasion of Ukraine is one obvious factor. Here's what you need to know about gasoline prices, including how high they could go, what the White House is doing to turn that around and how you can save money when you fill up. Sheetz is also slashing the price of E85 gas to $3.49, though the high-ethanol mix is not compatible with all vehicles. Read more: E85: Can Your Car Use the Cheaper Gas Alternative?Īccording to Sheetz, Unleaded 88 is approved for vehicles with the model year 2001 or newer, as well as light-duty trucks, SUVs and "flexible fuel vehicles," or FFVs. Gas in Pennsylvania is averaging $4.96, saving motorists there 97 cents a gallon. Open 24-7, Sheetz operates more than 650 locations throughout Pennsylvania, West Virginia, Virginia, Maryland, Ohio and North Carolina. To "reduce pain at the pump," mid-Atlantic gas chain Sheetz is lowering its price on Unleaded 88 to $3.99 a gallon through the Fourth of July holiday, effective immediately.
GasBuddy analyst Patrick DeHaan predicts motorists will be paying $4.85 a gallon on average, the highest ever for July 4 but still nearly 20 cents lower than mid-June. Especially over the three-day Independence Day weekend. "The cost of oil accounts for nearly $3 for every $4.89 at the gas pump."īut as summer is heating up, demand is only expected to increase. "Fear is not a good reason to move a market like the one for oil, but it is a powerful motivator," AAA spokesperson Andrew Gross said. Part of that is due to a decline in oil prices - to about $107 per barrel, down from $110 last week. After circling $5 for more than a week, a gallon of gas has slowly dropped to $4.90, according to data from AAA.
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