Demand is at the very least holding near pre-pandemic levels despite looming concerns about inflation.
Demand is at the very least holding near pre-pandemic levels despite looming concerns about inflation.
But it doesn’t have all that much to do with White House actions on the Strategic Petroleum Reserve.
The usual factors that would move the needle for crude oil prices midweek were overshadowed by other high-profile events.
The average retail price of gasoline is stuck at around $3.40 per gallon and several factors help explain why.
Crude oil prices remain at multiyear highs and could undermine U.S. economic growth. Will Strategic Petroleum Reserves be tapped?
Federal estimates for the price at the pump were revised higher in a monthly energy market forecast.
The White House has been pressuring the production group to open the spigot to bring prices lower, but it was rebuffed again.
Commercial crude oil inventories in the U.S. market are below the five-year average for this time of year.
The national average price for a gallon of gas is 20 cents higher than a month ago, creating tensions in the commodities market.