XOM - Gas Prices Set For Summer Spike: West Coast Consumers Already Paying More Than $4 A Gallon | Benzinga
Gas prices at the pump are on the rise and could lead to a higher national average next month, exacerbating inflation concerns and lowering the prospect of interest rate cuts during the first half of 2024.
According to the American Automobile Association’s Gas Prices Monitor, the national average price of a gallon of regular gas hit $3.49 on Tuesday.
Some states, particularly the higher taxed regions on the West Coast are already paying upwards of $4 a gallon, with California’s average hitting $4.92, Hawaii at $4.70, Washington at $4.33 and Nevada $4.22.
Those paying the lowest are the states closest to domestic refining facilities around the Mexican Gulf and up through the Midwest.
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Much of the recent moves higher at the pump are due to higher wholesale gasoline prices on commodity exchanges. On Tuesday, RBOB Gasoline futures were down a shade after hitting their highest levels since August on Monday.
The United States Gasoline Fund (NYSE:UGA) an exchange traded fund that tracks the price of wholesale gas futures, gained 1.7% to $71.58 on Monday, hitting its highest level since September.
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