US gas prices climb to an eight-month high | CNN Business

. That’s the highest level since mid-November 2022. Pump prices have now jumped by roughly 12 cents in the span of just three days. Gas prices remain well below the painful levels of last year. Following Russia’s invasion of Ukraine and the spike in oil prices, gas prices hit a record of $5.02 a gallon in June 2022. Still, there has been a significant shift higher in recent days after a long period of stable prices. According to AAA, gas is now selling at an average of $3.

Saudi Arabia and Russia are intentionally holding back supply in a bid to lift prices – and that strategy is starting to work. Another significant problem: Some refineries, including at least one ExxonMobil facility, had to undergo unscheduled maintenance in recent days. Analysts say extreme heat is sidelining some refinery activity, limiting supply of gasoline, diesel and jet fuel. The timing is terrible for drivers, because demand is high right now amid the summer travel season.

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