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U.S. gasoline set to approach $4 as crude and supply tightness rise
AAA data put the U.S. national average at $3.8590 per gallon as of July 14, up from $3.79 a week earlier.
Oil prices have jumped again amid renewed fighting in the Middle East, and the added pressure is starting to show up at the pump, with gasoline prices in the U.S. projected to move toward $4 per gallon within about a week, according to OilPrice. OilPrice cited GasBuddy’s Patrick De Haan, who said the national average could reach $4/gal within the next 7 to 10 days, driven by crude’s surge and tight global fuel markets. De Haan also expects gasoline to rise by roughly $0.15 to $0.45 per gallon in the next week, depending on how prices cycle.
The article links the latest crude rally to the July 14 re-imposition of a U.S. blockade on Iran, and notes that crude had risen sharply this week, including a 9% jump on one day after the announcement. It also points to early-week gains at the pump, after several weeks of relief for drivers.
OilPrice said the national average was $3.8590 per gallon as of the end of July 14, based on AAA data, and that it was higher than the $3.79 average from a week earlier. The piece frames the outlook as a potential intensification of gasoline costs, with both oil price moves and broader supply tightness contributing.
Latest closeWTI crude $79.90 ▲2.2%|Gasoline (RBOB) $3.042 ▼3.9%