{"id":2022384,"date":"2023-09-05T15:52:04","date_gmt":"2023-09-05T19:52:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gasoline-prices-hit-highest-seasonal-level-in-over-10-years\/"},"modified":"2023-09-05T15:54:17","modified_gmt":"2023-09-05T19:54:17","slug":"gasoline-prices-hit-highest-seasonal-level-in-over-10-years","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gasoline-prices-hit-highest-seasonal-level-in-over-10-years\/","title":{"rendered":"Gas prices reach decade-high seasonal level."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgasoline-prices-hit-highest-seasonal-level-in-over-10-years%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2022384&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>Gasoline prices have reached their \u200chighest seasonal level \u2063since 2012,\u2063 defying expectations for relief \u200bat the pumps after Labor \u2063Day \u2062weekend.\u200b This surge in \u200dprices is\u200c due to Saudi production cuts that have caused oil prices to soar.<\/p>\n<p>The current national average for a gallon of regular-grade gasoline is $3.811 as of Sept. 5, according to AAA data.<\/p>\n<p>While there has\u2063 been a slight decline from the previous day&#8217;s price of \u2063$3.813\u2063 per gallon and \u200bthe price of $3.831 a\u200c month ago, it is still higher than the price a year ago ($3.786) and unusually high for this \u2062time of year.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/article\/american-gas-prices-hit-their-highest-level-since-last-october-5466213\">American Gas Prices Hit Their Highest \u200bLevel Since Last October<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/15\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/article\/american-gas-prices-hit-their-highest-level-since-last-october-5466213\"><\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/world\/how-to-save-at-the-pump-amid-rising-gas-prices-analyst-shares-tips-5450326\">How to Save at the Pump Amid \u200dRising\u2063 Gas Prices: Analyst\u200b Shares\u200b Tips<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/8\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/world\/how-to-save-at-the-pump-amid-rising-gas-prices-analyst-shares-tips-5450326\"><\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Today&#8217;s price of $3.811 is the second-highest\u2063 for \u2063the first Tuesday in September since 1994, according to archival\u200d AAA price data cited \u2063by Bloomberg.<\/p>\n<p>&#8220;The Labor Day weekend \u200cmarks\u2063 the unofficial end to the summer driving season, when\u200c gasoline demand is \u200busually at its highest in the\u200b United States,&#8221; the Energy Information Administration (EIA) said in a report last week.<\/p>\n<p>Typically, the end of\u200d the summer driving \u2064season is accompanied by expectations of falling\u2063 pump prices. However, this year, the EIA expects that crude demand will remain high due to strong economic indicators in \u2063the United\u200d States, Saudi production cuts, and other \u200bfactors.<\/p>\n<p>&#8220;We expect the production cuts, combined with\u200d increasing\u2064 demand, will cause global oil inventories to fall and put upward\u200b pressure on crude \u2064oil prices through the end of this year,&#8221; \u200cthe agency said \u2062in \u2062the report.<\/p>\n<div style=\"margin-left:0;margin-right:0;max-width:1200px\">\n<figure style=\"width:640px;margin-left:auto;margin-right:auto\" class=\"alignnone\"><figcaption>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-average-gas-prices-soar-22-in-two-weeks-to-record-4-43-per-gallon\/\" title=\"U.S. Average Gas Prices Soar 22% in Two Weeks to Record .43 Per Gallon\">gasoline pump sits<\/a> in a holder at an Exxon gas station in Washington, D.C., on March 13, 2022. \u2062(Stefani\u200c Reynolds\/AFP via \u200cGetty \u2064Images)<\/figcaption><\/figure>\n<\/p><\/div>\n<div class=\"my-5\">\n<h2>&#8216;Bit of \u200da Bumpy Ride&#8217;<\/h2>\n<p>    \u2063\u2062  Ahead of Labor Day weekend, the national average fell to its\u200b lowest level since July, even as oil prices rose last week to the highest level since last November.\n  <\/p><\/div>\n<p>&#8220;Hurricane Idalia steered well clear of significant energy\u2062 infrastructure, leading \u2064to zero impact on gas \u2063prices. With the switch back to winter \u200dgasoline less\u200d than two weeks\u200b away, we could\u2064 eventually \u2062see more downward pressure \u200bon gas prices,&#8221; Patrick De Haan,\u2063 head of petroleum analysis at \u200bGasBuddy, told The Epoch Times in\u200c an emailed \u200bstatement.<\/p>\n<p>&#8220;However, any disturbances that threaten the [Persian] Gulf could delay any decline between \u2064now \u2062and then, creating a bit of a bumpy ride for the \u200bnext\u200c week or two \u200bbefore more relief arrives \u200btoward late September,\u201d he added.<\/p>\n<p>An\u2063 EIA report\u200b last week showed \u200ca significant 10.6-million-barrel decline in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gasoline-prices-hit-highest-seasonal-level-in-over-10-years\/\" title=\"Gas prices reach decade-high seasonal level.\">commercial crude \u200boil inventories<\/a>, which \u2064Mr. De \u2062Haan said now stand 3 percent below average\u2064 for this time of \u200cyear and 1.1 percent below\u200d a year ago.<\/p>\n<div>\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>An oil refinery\u200d displays\u2062 an\u2062 American\u200b flag\u200b in Wilmington, Calif., on\u200c Sept. 21, 2022. \u200d(Allison Dinner\/Getty Images)<\/figcaption><\/figure>\n<\/p><\/div>\n<div class=\"my-5\">\n<h2>Saudi Production Cuts, Inventory Drawdowns<\/h2>\n<p>    Crude inventories are likely to see further downward \u200bpressure as Saudi Arabia has extended its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-soar-after-saudi-arabia-extends-crude-production-cut-to-december\/\" title=\"Oil prices surge as Saudi Arabia extends crude production cut until December.\">voluntary \u200cproduction cut<\/a>\u2062 of 1\u200d million barrels\u200d per day (bpd) for\u200c another\u200d three months until\u2063 the\u2063 end of December 2023, according to state-owned media.\n  <\/div>\n<p>News of the Saudi production cut extension\u2063 drove the October West Texas Intermediate (WTI) crude \u200bfutures up as much\u200b as 2 percent, with prices pushing \u2062above $87 a barrel on the New York Mercantile\u200b Exchange.<\/p>\n<p>Brent crude, the\u200c international benchmark for oil prices, topped $90 a barrel on \u200dLondon&#8217;s ICE Futures exchange following\u2063 news of the\u2064 Saudi cutbacks.<\/p>\n<p>WTI and Brent are up 8 percent and\u2064 5 percent, respectively, year to date.<\/p>\n<p>Last week&#8217;s oil \u2064rally combined with stable demand has helped put a\u200b floor under gasoline \u200cprices despite the fact that \u2062there was less travel \u200cthan usual\u200b over the Labor Day weekend.<\/p>\n<p>&#8220;U.S. retail gasoline demand \u2063saw\u200c a\u2064 0.0 percent increase last week (Sun-Sat),\u2063 as Labor Day travel appeared subdued\u2062 and disappointing,&#8221; Mr. De Haan said.<\/p>\n<p>While \u2064it&#8217;s unclear where supply and demand will go from\u2062 here, some experts\u200d see potential for price volatility \u200bgoing forward\u2014including more upside for\u2064 gasoline \u2063prices.<\/p>\n<p>Inventories face pressure \u2063as the U.S. rig count continues to fall coupled with more\u2063 oil \u2064drawdowns, \u2064while\u200d demand has been surprisingly high.<\/p>\n<p>&#8220;During\u2062 the covid shutdown, there were some that \u200bpredicted that we would never see demand recover\u200c to post covid levels,&#8221; Phil\u2064 Flynn, a senior \u2063market analyst at \u200dThe PRICE Futures Group, said in his daily Energy Report on\u2062 Sept. 5.<\/p>\n<p>&#8220;Yet\u2064 here we are with global demand at an all-time high of 103 \u2062million barrels per day,&#8221; he added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gasoline prices, currently at $3.811 per gallon, have reached their highest seasonal level since 2012. Despite expectations of relief after Labor Day, prices remain high due to Saudi production cuts and soaring oil prices.<\/p>\n","protected":false},"author":118,"featured_media":2022385,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2022384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2022384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2022384"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2022384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2022385"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2022384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2022384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2022384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}