5/31/2023 0 Comments Gas price increase![]() Since tumbling to $71.02 a barrel on December 9, US oil prices have jumped about 16%, to around $82.30 on Friday. US refineries are operating at just 86% of capacity, down from the mid-90% range at the start of December, according to Bespoke.īeyond the refinery problems, oil prices have crept higher, helping to drive prices at the pump northward. Refineries elsewhere have been sidelined by extreme weather as well. That helps explain why gas prices in Colorado have surged by nearly $1 a gallon over the past month. Suncor has indicated that refinery – which Lipow Oil Associates says represents 17% of the Rocky Mountain region’s refinery capacity – could be offline for at least weeks. When the refinery tried to restart, it suffered a fire and equipment got damaged. The extreme weather in much of the United States near the end of last year caused a series of outages at the refineries that produce the gasoline, jet fuel and diesel that keep the economy humming.įor example, Colorado’s sole refinery, the Suncor refinery outside of Denver, was disrupted by freezing temperatures. It’s not because of demand, which remains weak, even for this time of the year. It also threatens to undermine improvements in the inflation crisis that gripped the economy much of last year. The unusual wintertime jump in gas price is drawing eye rolls from American drivers already grappling with high prices at the supermarket. ![]() Ziyu Julian Zhu/Xinhua/Getty ImagesĪmericans are spending an extra $371 a month because of inflation Department of Commerce on Friday morning. personal consumption expenditures PCE price index in November grew 0.1 percent month on month, lower than 0.2 percent of market expectations and 0.4 percent in the previous month, according to data issued by the U.S. This was lower than in November and December 2022 (24%), possibly because of milder weather during the most recent survey period.A pedestrian walks past a grocery store window showing advertisements in Queens, New York, the United States on Dec. ![]() However, the figure is still higher than during a similar period last year (43% in the period 3 to 13 March 2022).Ī fifth of adults in Great Britain (20%) reported being occasionally, hardly ever or never able to keep comfortably warm in their home in the past two weeks, when surveyed between 15 and 26 February 2023. ![]() This is down from 56% in the previous period (22 February to 5 March 2023). More than half of adults (54%) in Great Britain said they are using less fuel, such as gas or electricity, in their homes because of the rising cost of living. The impact of rising energy prices is causing people to change their behaviour over winter. More than three-quarters (78%) of adults said a rise in their gas or electricity bills had caused their cost of living to rise over the past month, when asked between 8 and 19 March 2023.Īs energy prices continue to rise, around half (49%) of adults who pay energy bills said they found it very or somewhat difficult to afford them. Gas and electricity prices continue to rise rapidly compared with last year, and more than half (54%) of adults in Great Britain are reporting using less fuel in their homes because of the rising cost of living.Įlectricity prices in the UK rose by 66.7% and gas prices by 129.4% in the 12 months to February 2023, and were some of the main drivers of the annual inflation rate. More than half of adults are using less fuel in their homes because of the rising cost of living
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