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Gas prices hit 4-month high
The Bear Traps Report founder Larry McDonald reacts to January’s PCE report and its impact on the Federal Reserve’s highly monitored rate decision.
Gas prices reached a four-month high as the warmer weather gets drivers back on the road.
Part of the problem is that demand is flooding back at a time when refineries are having unprecedented challenges, according to energy analyst and FOX Business contributor Phil Flynn.
Drivers are also in the midst of switching over from the wintertime gasoline blends to the summertime blends, which are more expensive to blend and add 10 to 15 cents a gallon to prices, Flynn told FOX Business. This year it could go even higher.
GAS PRICES MARCH UPWARD AS SPRING LOOMS AND DEMAND GROWS: AAA
In February, energy prices jumped for the first time in months, only adding further pressure on households. Prices rose 2.3% during the month, including a 3.8% jump in gasoline.
As of Tuesday, the national average price for regular gasoline is sitting at $3.39 per gallon, according to the latest data from AAA. A month ago, prices were sitting at $3.19. However, prices are still below the level they sat at a year ago, which was about $3.47, according to AAA.
AAA spokesperson Andrew Gross said this is the seasonal upswing, and that prices in summer usually peak around June and July before falling.
However, Flynn warned people are still feeling the reverberations from various refinery outages, namely the extended shut-down of the Whiting BP refinery in Indiana and the U.S. Gulf Coast refinery in Texas, hindering supply. Flynn also noted the flaring incident at the Wood River refinery in Roxana, Illinois, further tightened supply.
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Typically, “even in the worst case scenario, we may see a refinery knocked out of action for two weeks, maybe three weeks, and then it gets back on line and product begins to flow,” Gross said. However, the Whiting BP refinery in Indiana shut down at the beginning of February.
Summertime gas prices typically peak around June and July before falling. (Sven Hoppe/picture alliance via Getty Images / Getty Images)
“The fact that the supplies of gasoline crude oil and diesel fuel are below average here and around the world against a backdrop where OPEC is cutting production is setting the stage for yet another rally as the market heads into the summer driving season,” Flynn said.
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Moving forward, if things do not go smoothly for the U.S. refining industry, then “we could see a continuation of the uptick in gasoline prices that we have seen,” Flynn said. He further noted that if crude oil breaks out above $80 a barrel, which he thinks is likely, “it will put further upward pressure on the price of gasoline as we get into the heart of the summer driving season.”
FOX Business’ Megan Henney contributed to this report.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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