London, Tuesday, 4 October 2022
Due to strong domestic demand and limited supply, gasoline futures were trading above the $2.50 per gallon threshold, a level not seen in more than a month.
These price increases were accompanied by an increase in crude oil prices. According to the most recent EIA statistics, US gasoline inventories decreased by 2.422 million barrels, or the most in six weeks, to 212.2 million barrels in the week ending September 23.
However, President Joe Biden advised oil firms not to keep driving up prices while threatening new regulations on the industry during his speech at the White House Conference on Hunger, Nutrition, and Health.
(Report by: The Decision Maker - Energy editors)