U.S. Drivers Warned Gasoline Could Spike $1 Per Gallon

U.S. gasoline prices are headed higher in the nation’s corn belt, and could rise by as much as $1 per gallon at some gas stations, the head of petroleum analysis at GasBuddy warned on Thursday.

GasBuddy’s Patric DeHaan implored the EPA to issue fuel waivers ASAP, as the wholesale price of gasoline spikes in Oklahoma, Missouri, South Dakota, North Dakota, Nebraska, Montana, and Kansas.

“ALERT: #GasPrices will likely rise 25-75c/gal in OK, MO, SD, ND, NE, MN and KS over the next few days. Some stations may go up closer to $1/gal as the wholesale price of gasoline is spiking in this region. EPA should move to issue fuel waivers ASAP,” DeHaan said in a Thursday morning tweet.

The huge spike in that single area could send the national average a few cents higher, DeHaan added—and pump prices have already hit the highest seasonal level in more than a decade. The current average for a gallon of gasoline in the United States is $3.803, up from $3.764 this same time last year, according to AAA data published on Thursday.

Gasoline inventories nationally sank by more than 5 million barrels in the week ending September 1, according to API estimates this week, and are roughly 5% below the five-year average for this time of year. And while the national inventories are lower than normal for this time of year, the impending spike is expected to hit the corn belt area only, according to DeHaan.

UK drivers are also experiencing some shock at the gas pumps, as the price of gasoline and diesel saw the largest monthly jump in 23 years as the price of crude oil rallied.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

• Saudis Pour Money Into American Lithium
• U.S. Consumer Oil Demand Has Exceeded Expectations
• Saudi Arabia Reaps The Benefits Of Steepening Backwardation