U.S. Gasoline Prices Surge to Highest 10-Day Increase Since 2022 Amid Supply Concerns

Gasoline prices across the U.S. have risen by 18.3% over the past 10 days, marking the steepest such jump since early 2022. This rapid escalation follows a confluence of domestic and global factors, including unplanned refinery outages in the Gulf Coast region and growing concerns over Middle East supply disruptions. The average national pump price now stands at $3.98 per gallon, up from $3.36 just two weeks prior. The spike has intensified pressure on energy markets. Crude oil futures (CL=F) jumped 4.7% over the same period, reflecting heightened risk premiums. The energy sector’s performance has mirrored this trend, with the XLE exchange-traded fund rising 6.2% in the last five trading sessions. Market volatility has also surged, as the VIX index climbed to 27.4—a level typically associated with heightened uncertainty. Analysts point to a confluence of structural challenges: nearly 12% of U.S. refining capacity remains offline due to maintenance and unplanned shutdowns, while seasonal demand growth for spring driving season has accelerated faster than anticipated. These dynamics have tightened gasoline inventories, which are now 4.8% below the five-year average. The broader economic implications are significant. Higher fuel costs are likely to feed into inflation metrics, potentially influencing Federal Reserve policy deliberations. Consumers, particularly in transportation-dependent sectors, face mounting cost pressures. Energy producers, however, are benefiting from elevated pricing, with major integrated oil firms seeing improved near-term margins.