Retail gasoline prices in the U.S. remained stable over this past weekend despite recent spikes in commodity prices that will catch up to consumers at the pump.
AAA put the national average retail price for a gallon of regular unleaded gasoline at $3.83 for Aug. 7, unchanged from last Friday's levels. but 30-cents higher than this time in July.
Prices are elevated due to heat-related refinery issues in the South and decisions last week from Saudi Arabia and Russia to cut oil production in September by a collective 1.3M barrels per day.
Neither country is a major crude oil exporter to the United States, though production cuts matter to the global price, which accounts for the bulk of what consumers see at the pump.
Gas prices, meanwhile, are among the more ubiquitous economic indicators for consumers, though demand is holding up.
The U.S. Energy Information Administration showed an implied metric for consumer demand for gasoline was up 3% over the same period last year. Gas prices averaged $4.07 nationally at this time last year. U.S. gas prices stable at $3.83 per gallon and demand remains resilient (oilgasdaily.com)
Regionally, gas prices at the pump in Mississippi is currently at an average of $3.32; Louisiana is $3.43; and Alabama at $3.44.
BP 2nd quarter net profit plunges
British energy giant BP announced Aug. 8 a drop in second-quarter net profit as oil and gas prices retreated from peaks reached last year following Russia's invasion of Ukraine. Profit after tax plunged to $1.8B in the three months ending in June compared with $9.3B in Q2 last year, BP said in a statement, mirroring hefty falls across the sector. (AFP 08/07/23) BP profit slumps on falling energy prices (oilgasdaily.com)
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