Gas now tops at least $4 per gallon in every U.S. state, with the biggest jump in fuel prices this week in Michigan, New Jersey, Connecticut, Kentucky and Indiana, according to AAA. The priciest states for gas are in the West: California , Hawaii , Alaska , Nevada and Oregon .
The price of crude oil — by far the biggest factor affecting the price of gas — has moved up and down this week. Brent crude, the international standard, rose Thursday to $107.85 per barrel, according to FactSet. West Texas Intermediate, the U.S. benchmark, climbed to $106.70. A drop in oil refinery capacity is also pushing up prices. Refineries turn crude oil into gas and other products; since 2019, refinery capacity in the U.S. has shrunk by about 1 million barrels per day.
"Why can oil move down but wholesale gas prices move up? Because they're different. They may be similar, but refining is the kink in the hose, and we're down 1 [million barrels per day] refining capacity vs early 2019," Patrick DeHaan, head of petroleum analysis for GasBuddy, said on Twitter this week.
Why can oil move down but wholesale gas prices move up? Because they're different. They may be similar, but refining is the kink in the hose, and we're down 1mbpd refining capacity vs early 2019
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