US Gasoline Prices Surge 4.1% Month-over-Month Amid Rebound in Crude Oil Costs

July inflation eased due to energy drops, but US gasoline hit $4.03/gallon, up 4.1% MoM. Rising crude and refining margins may reignite inflationary pressure in August.

Woofun AI data shows that falling energy costs contributed to a reduction in July inflation, with gasoline prices declining 2.9% month-over-month and fuel oil prices dropping 1.7%.

However, this deflationary effect appears temporary as crude oil prices have rebounded and refining profit margins remain strong, driving up fuel costs. The current average price of gasoline in the U.S. stands at $4.03 per gallon, a significant increase from $3.87 a month earlier, indicating that energy prices could exert new upward pressure on inflation in August.