Americans Face Higher Pump Prices as Gasoline Futures Soar
- Futures prices are hovering near the highest since October
- National retail average is just shy of $3.20 a gallon: AAA
A driver prepares to pump gas at a gas station in Washington, DC.
Photographer: Al Drago/BloombergThis article is for subscribers only.
American consumers are paying more at the gasoline pump, and that trend looks likely to continue as futures rally.
New York gasoline futures traded as high as $2.37 a gallon on Monday and are hovering near the highest in more than three months. The increase has come amid unexpected refinery outages alongside lingering impacts of a winter freeze, which have hindered production of the motor fuel. That has helped push up pump prices, with the national average just shy of $3.20 a gallon, according to data from the American Automobile Association. That compares with about $3.07 a gallon two months ago, the cheapest since 2021.