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Refineries buy crude oil in advance, and deliveries of that oil take time. Refineries may be processing more expensive supplies weeks or months after market prices fall.
After refining, gasoline travels through pipelines, ships, trucks and fuel terminals before landing at filling stations, further prolonging higher prices for consumers.
While expensive oil was the leading driver of higher gasoline prices in recent months, U.S. gas prices typically tick up a bit at this time of year. Warmer weather brings a shift to summer blend fuels, which are more expensive to refine than the versions sold in colder months. Demand also is greater as more people hit the road.
For the upcoming July Fourth holiday period, AAA forecast 61.4 million Americans traveling at least 50 miles away from home by car, slightly more than the 61.3 million who took road trips last year.