Investor Ross Gerber on Tuesday lamented the surging energy costs in the U.S. as tensions continue to escalate between the U.S. and Iran, with missile strikes being exchanged between the two countries in the Middle East.
Time For Change in the U.S., Ross Gerber Says
Gerber expressed his views via a post on the social media platform X. “Gas prices back to the high,” the investor said. He added that the price for a gallon of gas at the station he tracked was $6.30 in California. “Pre war $5 a gallon. It’s time for change in America,” the Gerber Kawasaki co-founder said.
Earlier, the investor touted shifting to EVs amid rising gas costs and uncertainty over the Strait of Hormuz. The investor said that EVs were “wonderful alternatives” for consumers amid rising fuel costs.
Gas Price Moves Higher
GasBuddy analyst Patrick De Haan pointed to a sharp single-day increase in gas prices in the U.S. “The national average price of *gasoline* has risen 9.6c/gal so far today, the biggest one-day jump since April 30,” De Haan said in a post on X. He then pointed to the largest single-day price rise in gasoline, which was in March this year at 12.1c/gallon.
In a separate post, De Haan also pointed to U.S. refineries. “U.S. refinery utilization this year is now running at the highest rate this century- 93.4% so far,” he said, adding that the pace was highest in 27 years.
De Haan also said that the pressure on global refiners could see the number rise by the end of the year. “Summer’s avg was 96.6%, the 3rd highest summer ever.
Gas, Oil Prices
According to data from the American Automobile Association (AAA), the national average price of gas on Tuesday was $4.1514/gallon, with California’s average price at $5.8658/gallon.
On the oil front, the West Texas Intermediate (WTI) crude oil futures ending in October were trading at $94.26 at press time. On the other hand, Brent crude futures ending in November commanded a price of $99.44 at the time of writing this article.
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