If you noticed you are paying more at the pump right now, the July spike in gas prices was in part due to the hot weather—and prices could climb higher still.
Heat-related refinery outages helped shut down some petroleum refining capacity in the U.S. last month, and drivers are noticing the changes at the pump.
Other factors contributing to your paying more to fill up are rising prices for a barrel of oil and lower gasoline inventory supplies. And if more hurricanes arrive soon, they may cause prices to climb again. During the last week of July, the average price of a gallon of gasoline shot up 16.5 cents, to $3.72 a gallon, according to GasBuddy. Diesel fuel also shot up 15.5 cents to an average of $3.99 per gallon. On August 3, GasBuddy saw the national average rise to $3.82 a gallon, the highest since October 2022.
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