According to GasBuddy, the national average for regular gas prices is beginning to increase. With peak travel season around the corner, and with a Forbes Advisor Survey revealing 34% of Americans plan to take a road trip in 2024, gas prices will likely be a factor in how Americans make their travel plans. GasBuddy Head of Petroleum Analysis Patrick De Haan joins Yahoo Finance for the latest edition of Travel Guide 2024: Industry Insights, sharing helpful tips for consumers about gas prices as they plan their road trips. In the near term, De Haan states there are a few key catalysts that could push prices higher: "I think right now the Middle East is something we continue to watch. Though, there hasn't been much impact, oil prices (BZ=F, CL=F) have still struggled. The Middle East could certainly change. We've seen situations where things drastically change over night, and of course there's a lot of crude oil being produced in the Middle East. Seasonally, though, I'm looking much more at refineries. This is the time of year that there's a lot of pressure on refineries. They are doing maintenance before the summer. They are transitioning over to summer gasoline. In the background, demand is all going up at the same time. That puts a lot of pressure on refineries to finish that maintenance, to get back online and boost production." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino
Electricity prices rise higher despite overall energy prices cooling in January, according to the most recent Consumer Price Index (CPI) print. Yahoo Finance Senior Reporter Ines Ferré explains the inflationary pressures pushing energy costs higher as utility operators pass off fixed costs. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.
Natural gas prices are down 44% year to date, but demand hit a daily high in January.