Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

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.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.