Extreme Heat Has a Searing Impact on Raising Gas Prices

FuelNuts & BoltsInflationMoney Matters
Written By Jennifer Joslyn

☀️ Extreme Heat Has a Searing Impact on Raising Gas Prices.

This summer's historic heatwave is causing gasoline prices to surge to nine-month highs in the United States. Refineries, facing difficulties in handling extreme temperatures, are unable to meet the demand for gasoline, leading to supply shortages and higher pump prices. The situation is exacerbated by rising oil prices and production constraints set by major oil-producing nations like Saudi Arabia and Russia. The extreme heat is impacting refineries' ability to produce gasoline, diesel, and jet fuel, leading to increased costs and potential inflationary pressures. While the impact of high heat on gas prices may be easing slightly, the potential for major hurricanes in the Gulf Coast region, where many refineries are located, poses a risk of further supply disruptions and price spikes.

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Jennifer Joslyn
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