⛽ Gas prices creeping toward $4
A gallon of regular gas cost $3.69 on average across the metro as of Aug. 1, per GasBuddy.
- That's down 7.3% from August 2022 and a little less than the nationwide average of $3.76.
Zoom in: After falling to $3.19 in December, prices have risen steadily.
- This month saw a 5% jump from July after three consecutive months in the $3.50 range.
The big picture: Nationally, average gas prices are up a bit from the winter months — as expected based on historical patterns — but still lower than last year's highs of nearly $5.
Yes, but: Recent rises were driven by excessive heat in Gulf states like Texas and Louisiana, where many of the country's oil refineries are located, Axios' Emily Peck reports.
What's next: All eyes are 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.
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