U.S. Gas Prices Could Spike 25 Cents

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Patrick De Haan, head of petroleum analysis for GasBuddy, says that U.S. gasoline prices could spike 10 to 25 cents this week due to rising oil prices and some refinery outages caused by extreme summer heat. The average price of gas is $3.58 for the week ending July 20, 3 cents higher than the previous week but 88 cents less compared to last year.  Oil is at its highest since April at over $71 per barrel, rising slightly from 8.76 to 8.86 million barrels a day. Domestic stocks are down from 219.5 to 218.4 million barrels.  De Haan said, “With extreme heat leading to some refinery outages, and with July gasoline inventories at their lowest level since 2015, we’re primed to see the cost increases showing up in force this week across the country.  Already this morning, GasBuddy is seeing large price increases in Michigan, Indiana, Ohio, Kentucky and Florida.”