[Bidenomics...] Gas prices surged in August amid oil's supply crunch

[Leroy N. Soetoro]

Energy prices, specifically gasoline, were the biggest culprit of August's
hotter than expected inflation print.

The Bureau of Labor Statistic's Consumer Price Index (CPI) rose 3.7% on
year-over-year basis in August, topping economist expectations of 3.6%.

"The index for gasoline was the largest contributor to the monthly all-
items increase, accounting for over half of the increase," read the CPI
release.

The energy index rose 5.6% in August from the prior month, a sharp re-
acceleration from a 0.1% increase in July, as oil prices rallied and
prices at the pump hit 2023 highs.

The gasoline index saw the biggest price increase among the energy
components, with a 10.6% rise in August on a monthly basis, following a
0.2% increase in July.

Across the board all the energy components saw a month-over-month increase
in prices. Electricity rose 0.2% in August after decreasing 0.7% in July.
Natural gas jumped 0.1% over the month, following a 2% increase in July.
Fuel oil also rose by 9.1% in the last month.

Despite the month-over-month rise, the energy index is down 3.6% when
compared to 12 months ago. All of the components within the sector, except
for electricity, are down on a year-over-year basis.

Oil's is on a three-month rally, up around 30% since late June amid a
tight supply squeeze following OPEC+ production cuts and unilateral output
reductions extended by Saudi Arabia and Russia.

https://finance.yahoo.com/news/gas-prices-surged-in-august-amid-oils-
supply-crunch-132800277.html

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