Gas prices rise again amid production cuts, extreme weather - WMUR Manchester

Gas prices rise again in NH amid production cuts, extreme weather

Gas prices rise again amid production cuts, extreme weather

Gas prices have been rising again, jumping 13 cents per gallon in New Hampshire in the past week.

On Monday, a gallon of regular unleaded gas in New Hampshire cost an average of $3.62, the highest it has been all year.

Analysts said the rising costs are due to a combination of production cuts and extreme weather.

Saudi Arabia and Russia have significantly cut their production, raising oil prices globally.

On top of that, much of the United States has been struggling with extreme heat. In parts of the South, where high temperatures have soared to 110 degrees or more, refineries can't operate. That's creating the lowest gas inventories in the United States since 2015.

"In Texas and Louisiana, we see over half of the nation's oil refineries in those two states, and with the combination of extreme temperatures, we've seen some refinery disruptions," said Patrick De Haan, a petroleum analyst for GasBuddy. "Keep in mind that refineries are outdoors, exposed to the elements. There can be sensitive equipment that encounters issues at such high temperatures."

De Haan said that if there's another heat wave or a hurricane affects production, gas prices could rise above the $4 mark.