US national gas price average surged 12 cents to US$3.27 in week ended Feb. 15 and was 21 cents higher month-over-month; gas demand fell to 8.17 million b/d from 8.81 million b/d last week, total domestic gasoline stocks decreased by 3.7 million bbl: AAA

WASHINGTON , February 15, 2024 (press release) –

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 significant contributor 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,” said 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/

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