Page 12 - aruba-today-20230803

A12 BUSINESS
Thursday 3 augusT 2023

Why are gas prices rising? Experts point

to extreme heat and oil production

cuts

By WYATTE GRANTHAM-
PHILIPS
AP Business Writer
NEW YORK (AP) — Drivers
are in for another head-
ache at the pump as U.S.
gas prices continue to rise.
The national average for
gas prices stood at about
$3.78 a gallon on Tuesday
about 25 cents higher than
that seen one month ago, The per-gallon price is displayed electronically at the pump of
according to motor club a Shell station Wednesday, July 5, 2023, in Englewood, Colo.
AAA. Associated Press
While today’s prices at the
pump remain far lower PRODUCTION CUTS
than they were last year, This summer’s record tem-
when energy costs soared peratures are partly to
worldwide in the months blame for the rising gas
following Russia’s invasion prices.
of Ukraine, experts say “While the heat may be House for sale
such a jump is unusual. keeping people home, it’s alto Vista Noord
“Usually it takes a hurri- also keeps refineries from 3 Br 2 Bath
cane to move prices that making refined product,” Lease land nice view from the
much,” said AAA spokes- Gross explained, noting islands
person Andrew Gross, that refineries are typically Price :$500 K
who said the rise is espe- designed to operate be- Call :011-297-630-1307
cially interesting as “fewer tween 32 and 95 degrees johnnypaesch@gmail.com
people are are fueling Fahrenheit (0 and 35 de- www.halleytimetravelaruba.online
up” their cars this summer grees Celsius). “They don’t
compared to years past. like temperature extremes House for sale
In the U.S., gasoline prices because they’re inherent- Kamay Noord
are highly dependent on ly dangerous places... So 3 Br 2 Bath
crude oil. they dial back the produc- 10 min walk to palm beach
West Texas Intermediate tion for safety purposes, Price : $650 K
crude, the U.S. benchmark, but that then constrains Call : 011-297-630-1307
has stayed above $80 supply. johnnypaesch@gmail.com
per barrel since Thursday, ”According to Kloza, there www.halleytimetravelaruba.online
standing at over $81 as of are about 10 million daily
Tuesday afternoon. barrels of U.S. refining ca- House For sale
That marks a $12 jump pacity on the Gulf Coast. Pos abow near
since July 3, according to The heat wave has caused super food Pizza hut
OPIS global head of en- those refineries to operate 10 min walk to eagle beach
ergy analysis Tom Kloza. below normal capacity re- 3 Br 2 Bath with pool
There are a few factors sulting in a loss of hundreds Price :$ 325 K
causing oil prices to rise, of thousands of barrels Call :011-297-630-1307
Gross and Kloza say, in- each day, he said. johnnypaesch@gmail.com
cluding global supply pro- Still, “the fact that some re- www.halleytimetravelaruba.online
duction cuts and impacts fineries are struggling has
of this summer’s extreme meant that the ones who Condo For sale
heat on refineries. Here’s are able to operate are Noord
what you need to know. making really nice profits,” 15 min walk to beach
WHY ARE GAS PRICES RIS- he said. q 2 Br 2 Bath
ING? BLAME THE HEAT AND Price :$ 395 K
Call :011-297-630-1307
johnnypaesch@gmail.com
www.halleytimetravelaruba.online

House For sale
savaneta lease land
400 m2 ( 4305,564 sq feet)
1 Br , 1 Bath
Ocean Front
Price : $ 800 K
Call : 011-297-630-1307
johnnypaesch@gmail.com