Aug 15, 2023 - News
Des Moines' pain at the pump up 14% from last year
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A gallon of regular gas cost $3.78 on average across the metro as of Aug. 1 — up more than 14% from a year ago, per GasBuddy.
- That's right around the nationwide average of $3.76 but still lower than last year's highs of nearly $5, Axios' Alex Fitzpatrick and Kavya Beheraj report.
The big picture: Nationally gas prices are up a bit from winter months. That's expected, based on historical patterns.
- Recent rises were driven by excessive heat in Gulf states like Texas and Louisiana, home to many U.S. oil refineries, Axios' Emily Peck reports.
What's next: All eyes are now on hurricane season, as severe storms can further disrupt refineries — thus reducing supply and raising prices.
- Saudi Arabia's continued oil production cut also stands to increase energy prices.