US gas prices hit an eight-month high on Friday. Average retail gasoline spiked 12 cents in three days, hitting $3.732 per gallon. An outage at a key Gulf Coast refinery is threatening already-low supply. Loading Something is loading.
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As if Americans needed another reason to work from home, US gas prices spiked Friday to their highest mark since November, according to AAA data.
The average retail price for a gallon of gas just hit $3.732, up from $3.587 a week ago and $3.556 a month ago. It’s the second-highest mark for this time of year in the last decade, according to Bloomberg.
The high prices come as a critical Gulf Coast refinery endures an extended outage that’s threatening already-low supplies.
Surging gas prices could also have a negative impact on President Joe Biden’s reelection bid, which is largely built on a platform of lower inflation and his ability to restore consumer confidence.
Though the latest Consumer Price Index reading showed inflation is falling, gas prices are a tangible indicator for everyday Americans of how the economy appears to be doing, which makes it key for voters.
“Some industry experts speculate that scorching temps in that region are keeping people off the road,” AAA spokesperson Andrew Gross said in a recent statement.
To be sure, a year ago gas prices hovered at $4.278, about 12% higher than current levels.
Meanwhile, oil prices slipped Friday, though they remain on pace for the fifth consecutive week of gains. West Texas Intermediate crude moved 0.51% lower Friday to hit $79.68 a barrel while Brent crude, the international benchmark, dropped 0.36% to $83.95 a barrel.