U.S. gas prices hit 10-month highs amid tighter supplies, heatwaves

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U.S. gas prices hit 10-month highs amid tighter supplies, heatwaves

STORY: U.S. gas prices hit 10-month highs amid tighter supplies, heatwaves DATELINE: Aug. 19, 2023 LENGTH: 00:00:44 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. various of a gas station in Arlington, the U.S. state of Virginia STORYLINE: U.S. gas prices surged to an average of 3.87 U.S. dollars a gallon nationally on Thursday, the highest level in 10 months, data showed. That's 31 cents higher than a month ago, but still below the record high of 5.02 dollars in June 2022, according to the American Automobile Association (AAA). California has been on the top of the 10 most expensive markets across the country, with an average of 5.18 dollars a gallon, followed by Washington, Hawaii, Oregon and Alaska. The summertime gas price spike has been driven by lower gasoline stockpiles and a series of refinery outages caused by extreme heat. Goldman Sachs estimated that record heat levels in Texas have likely led to a sharp 2 percent slump in U.S. refiners' product yields over the past few weeks. AAA

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