U.S. Gas Pump Prices Skyrocket To 10-Month Highs Amidst Summer's End

EDITOR'S NOTE: In a twist defying seasonal trends, the price at the pump in the United States has taken a sharp upward turn, soaring for seven consecutive weeks – a relentless climb not witnessed since June 2022. This unexpected surge in gas prices comes at a time when anticipation of a decline is customary, leaving drivers grappling with an unforeseen financial burden. As the national average inches perilously close to a year-long high, the sting is set to intensify with the recent surge in WTI Crude and wholesale gasoline costs, hinting at a looming era of discomfort at the fueling station. With gasoline's steadfast climb adding momentum to inflation concerns, and the imminent explosion of the gasoline component in the Consumer Price Index, the road ahead seems fraught with financial challenges. As drivers brace for the impact and wonder about potential interventions, the question looms – will the upcoming steps steer the nation toward relief or trigger another blame game?

 

At a time when gasoline prices - on average - should be falling, US pump prices are soaring (up seven weeks in a row - the longest streak since June 2022)...

Source: ZeroHedge

And while drivers benefited from the relative cheap prices as the summer driving season began, they are now facing pressures as the national average price in within pennies of its highest in a year (and given the surge in WTI Crude and wholesale gasoline prices - which tend to lead retail prices by one-to-two weeks - things are about to get a whole lot more painful again...

Source: ZeroHedge

All of which is a major problem for 'inflation' as CPI's gasoline component is set to explode next month...

Source: ZeroHedge

“While July CPI [Consumer Price Index] data looked pretty good with energy prices well below their year-ago level, August data isn’t going to look nearly as friendly," warned Patrick De Haan, head of petroleum analysis at GasBuddy.

What will Joe do? Return to draining the SPR again? Complain to the Saudis (and be ignored)? Blame "Big Oil" again?

Source: ZeroHedge

Originally published by: Tyler Durden on ZeroHedge