Heat wave drives up San Antonio gas prices
Gas prices ticked up 15 cents in the past week as the heat wave hitting Texas and Louisiana slowed production at oil refineries.
Why it matters: The nation's mood runs on gas prices — when they're high, economic vibes worsen. And, rising energy prices keep inflation levels elevated, complicating the Fed's efforts to rein in higher prices.
Zoom in: Refineries, which turn crude oil into products like gasoline, don't function as efficiently in 100+ degree weather.
By the numbers: San Antonio area gas prices averaged $3.41 a gallon as of Tuesday, up from $3.05 a month ago, per GasBuddy.
- Gas prices were about $3.35 a year ago and as low as $2.73 in January.
Meanwhile, demand for gas typically rises in the summer, and gasoline inventories in the U.S. were at their lowest July level since 2015, Patrick De Haan, head of petroleum analysis at GasBuddy, said in a note.
What to watch: Hurricane season. Severe weather could also impact refineries and push up prices.
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