When the warm weather arrives so does pain at the pump in the form of much higher gas prices.
Currently, gas prices heading into the summer season are rising—so, how high will they go?
U.S. oil and gas production continues to rise with output reaching nearly 10% in the first three months of 2023, when compared with the same period last year.
Gas prices at the pump rarely reflect that particular day’s market conditions; however, they do represent costs acquired from previous weeks.
That lag tends to make prices rise at a slower pace and in turn slower to fall than reported in daily headlines.
While filling up at the pump might not be cheap right now—it is a bargain when compared to last summer’s fuel nightmare when gas prices were racing toward $5 a gallon, angering many Americans, threatening the economy and even alarming central banks.
The nationwide average for gas remains $1.18 per gallon higher today than when President Biden took office.
Bloomberg’s Senior Oil and Gas Analyst Fernando Valle joins to to discuss.
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