US oil prices have recently jumped above the $80 a barrel mark – the highest level since late 2023, sending worrying signals to the Federal Reserve and overly anxious White House.
The surge in WTI has pushed wholesales gasoline prices up…
And worse, pump prices are set to accelerate even higher in the coming months to an average of $4 a gallon, which would be the highest level since the summer of 2022, according to Bloomberg, citing new data from AAA Automobile Club.
A combination of issues is pressuring futures and pump prices higher, including the transition to summer-grade gasoline and strained domestic refineries, as well as concerns about shrinking global crude product supplies while Ukraine attacks Russian refineries.
As we explained in the note titled “Dominoes Falling As Biden Admin Deals With Twin Energy Crisis In Russia, Middle East,” traders have been spooked by refinery outages across Russia due to Ukranian drone attacks. In the Middle East, traders are increasingly worried that Iran-backed Houthis could be several steps away from targeting Saudi refineries.
And now it should make a whole lot of sense why the Biden administration pleaded with Ukrainians to stop drone attacks, along with the White House pushing Vice President Kamala Harris out on ABC News on Sunday to warn Israel publicly not to launch a counteroffensive against Hamas in Rafah – because increased chaos on that side of the world would stoke higher crude prices – and bad timing for the administration, just ahead of the US presidential election in November.
I noticed gasoline was 30 cents per gallon cheaper in Sussex County DE, than Wicomico County MD yesterday March 27th
But did you also notice that some of the smaller ” mom & pop ” covenant stores were selling gas for around $3.33 ? ( maryland ) . While other stations like Wawa and RoFo was around $3.49. Sams club was at $3.30. RoFo rewards price is $3.39. So we know that gas could and should be able to be bought a lot cheaper than advertised. Delaware fuel tax is .23 cents per gallon. Maryland is .47 cents. Federal tax is .18 cents per gallon. I have noticed in the past that Wawa Delmar and Wawa N. Sby Blvd was selling for the same price. Here is the question for Maryland, why the big difference in price from the mom & pops stations versus the the larger stations ?
Yep. We got it for 3.19 a gallon on Saturday in Sussex county, DE
Maryland sucks
Yes it does
Such a real shame
Uncle Willie’s gas station in Laurel was 3.19 last weekend.