WASHINGTON, D.C. (February 15, 2024)—After months of barely budging more than a few cents, the national average for pump prices moved into the fast lane, surging 12 cents since last week to $3.27 a gallon.
A significant contributor to the increase is a shutdown at the large BP-Whiting refinery in Indiana, which has been offline for more than two weeks due to a power outage. The refinery processes 435,000 barrels of crude per day, and the shutdown has caused prices throughout the Midwest to climb, pushing the national average higher as well.
“Pump prices usually move higher this time of year, but a 12 cent jump in one week is notable,” explained Andrew Gross, AAA spokesperson. “However, the refinery shutdown will likely be resolved soon, so further increases at the pump should revert to slower and lower seasonal gains.”
For the complete report, including the latest EIA data and oil market dynamics, please visit https://gasprices.aaa.com/gas-prices-arent-showing-the-love.
##RVT1144b
Yikes ! Thank goodness we’re not on the road at this time…
Thank you, RV Travel! It seems as though prices around us (metro Chattanooga) have risen about 30 cents/gallon in the last week. Most stations have regular unleaded at $3/gallon. Diesel prices with the Open Roads discount are about $3.50/gallon.
Average $4.80 a gallon here in San Diego…
Well, at least your weather is nice (isn’t it?), Bill. 🙂
67 degrees here today !!
It was 67° F here yesterday, but only 64° F today as the daily high. 🙂
Join me in calling for the immediate release of oil from the Strategic Petroleum Reserve to help the American people by lowering prices at the pump.
What’s that? It’s almost empty? Well, thank God the planet is at peace with no wars raging in Europe or the Middle East. Welcome to the Twilight Zone.
GONG SHOW?
LOL!
It’s not “almost empty” not even close. US oil productions is however at an all time high, setting records, and blowing away the prior administration. There is over 350 million barrels of oil in the strategic oil reserves now, the largest in the world. The current amount of oil available(which is increasing), beats the GOP proposals of getting rid of the strategic petroleum oil reserve all together. Facts matter.
Seeing how facts matter to you Gary, the SPR has a 714 mm barrel capacity which makes it less than half full using your accurate 350 mmbl.
More fun Gary facts for you. It is currently down from 371 mm barrels from 12 months ago, or 3.2%. Not up.
In 2019 it had 614 mm barrels, (precovid). Square that circle for me if you can.
We entered 2020 with 635mm barrels and when oil got to $15/bbl big orange man said “let’s top it up, oil is cheap” but the blue congress poo-pood that idea because, oh yeah, why buy low when that’s such a bad idea. Let’s wait until it gets to $80.00/barrel because orange man bad.
Thanks for reminding me that facts matter Gary. Your a pal.
Gary; Because I can’t resist….. of course oil production is at a high, the oil companies are getting $80/barrel. They simply leave it in the ground (it’s called inventory) when it’s low, why lose money when it’s $15/barrel when waiting for higher prices makes more *cents/profit? You know, sell your inventory when the price is high….. making any ‘factual’ sense/cents to you yet?
You can thank corporate greed, the same folks which received the largest tax giveaway ever in 2017
Right, because people keeping their own money and spending it where they choose is bad.
Exxon, Chevron, and Shell made a massive $85 Billion PROFIT last year, (which includes the subsidies delivered to them by Congress). Ya think that might be where some of your hard-earned cash is going?
The profits aren’t from product sales, Roger. There is so little money in refining and selling products that I always wondered why they did that at all in the years I worked at the Department of Energy. The money is made from finding and producing (as in getting it out of the ground) crude oil. Some years doing the same with natural gas also makes money, some years not.
Exactly Neal. Upstream or downstream profits is the disconnect for a lot of people.
Yes, quite so, Cancelproof. I always wondered why so many did refining and wholesaling/retailing because there was so little money in it AND it put their brandname front and center with the motoring public. Yet, they did. ConocoPhillips did spin off refining marketing as a stand-alone company, Phillips 66 10 years ago. Earlier, Marathon did the same thing, but the names of the two companies are too similar — Marathon Petroleum (refining/marketing) and Marathon Oil (oil and gas exploration and production).
Thanks again, Russ and Tina! This may be as in-depth with motor gasoline and over-the-road diesel prices as you care to get. But, if you ever want to understand better or have questions about U.S. refinery operations, I can give you the name of the person at EIA who oversees the refinery operations survey and publishes the annual refinery report. I worked fairly closely with that person most of my tenure there. I pay no attention now and haven’t since I retired, or I’d offer myself. Safe travels! 🙂