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US Pump Prices Post Biggest One-Day Jump Since Early June

Published 01/04/2023, 10:38 AM
Updated 01/04/2023, 10:54 AM
US Pump Prices Post Biggest One-Day Jump Since Early June

(Bloomberg) -- The average cost of gasoline in the US climbed more than 3 cents a gallon overnight in the biggest one-day percentage gain since June, according to auto club AAA.

Prices began rising when a winter storm disrupted fuel production on the Gulf Coast in the lead-up to the Christmas holiday weekend. While refineries are well on their way to resuming operations, there are longer-term factors influencing the spike in costs. As of Jan. 1, New York state’s fuel-tax suspension ended and Washington state’s clean-fuel program aimed to cut greenhouse gas emissions took effect.

The rally at the pump could stall or reverse as futures trading in New York — which make up the bulk of retail costs — have slid nearly 20 cents a gallon since the start of the new year.

©2023 Bloomberg L.P.

 

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