"Understanding the Factors Behind the Soaring Gas Prices"
Gas prices are increasing due to high temperatures impacting refinery production and elevated demand. The national average price for a gallon of regular gasoline has risen by 11 cents in a week and nearly 30 cents in a month. The cost of crude oil, which accounts for nearly half of the pump price, has also surged. Refineries are reducing production rates in extreme heat, limiting gasoline supply. Unscheduled outages and power disruptions further constrain supply. Demand is up 3% compared to last year, while OPEC+ production cuts and disputes between the Kurds and Turkish government have also affected oil supply.