According to Reuters.com, the cost of gasoline has gone up considerably this August. Gas prices across the nation have hit an average of $3.86 per gallon, an all-time high for 2023. This is a 7% increase over prices that were seen just one month ago. In certain states, such as California and Washington, the cost has risen above $5.00 per gallon.
The abnormal timing of this price increase has some people perplexed. Patrick De Haan, head of petroleum analysis at price tracker GasBuddy.com noted that, “We tend to see prices declining going into the fall.”
The price jump can be attributed to several refineries that are closed for maintenance. This impacts the available supply of oil. Heat waves, like those the United States has experienced this summer, also affect refinery production.
Despite the steep cost of filling the tank, gas prices are still below where they were in August of 2022. Labor Day travelers may still hope to get some relief at the pump.