LAS VEGAS (FOX5) — Gas prices in Nevada have reached $4.66 per gallon, an increase of more than a dollar over the past month, forcing catering businesses to reconsider their pricing as their busy season approaches.
The Trump administration is expected to announce soon that it will temporarily lift federal smog-cutting restrictions on summer-blend gasoline to curb rising energy prices stemming from the Iran conflict, according to Reuters.
Retail U.S. gasoline prices are currently at their highest levels since late 2023 at $3.84 for a gallon of regular, up from $2.92 a month ago, according to AAA.
For catering businesses, the summer months mean more bookings from events to weddings. But the rising cost of fuel is adding up for companies that make multiple trips for single jobs.
Local restaurant feels the impact
Chris Mahon, head chef at Taverna Costera in the Arts District, said outside catering picks up in March for the local restaurant known for its events and catering business.
The restaurant recently catered a Hawaiian luau serving 100 people off site about 10 miles away on the east side of town. They took two trucks for the event.
Owner Jeff Hwang said those expenses can add up. With gas prices nearing $5 in Nevada, he said he will soon be forced to look at his own pricing.
“This thing only lasts a couple of weeks, you know, maybe it’s not an issue,” Hwang said. “But if this goes on into the summer and beyond, and if it only gets worse, the conversations that we have with our customers changes.”
Summer gas typically more expensive
According to AAA, gas in the summer is traditionally more expensive.
“The EPA says during summer months, we need a cleaner burning version of gasoline, gasoline with less ethanol in it,” said John Treanor of AAA.
The U.S. normally switches to summer gasoline blends to reduce air pollution. These blends have lower volatility, limiting evaporation that can contribute to smog in warmer weather.
The summer blend of gas versus the winter blend is typically about 10 to 15 cents a gallon. But the Trump administration may waive those regulations.
The move would make standard gasoline cheaper by not forcing refiners and retailers to switch to more costly summer blends, while also allowing fuel retailers to continue selling gasoline blended with 15% ethanol, known as E15, throughout the summer driving season when stricter rules normally limit its use in much of the country, according to Reuters.
Analysts say the change could shave several cents per gallon off retail prices and provide relief to both consumers and refiners struggling with tight fuel supplies, Reuters reported.
AAA said that could help, but as conflict in Iran continues, prices will remain high.
“When we have these large events like this, that means trading oil or selling oil gets affected for all of us,” Treanor said.
Oil and gasoline prices have surged as the Iran conflict has disrupted global supply. U.S. crude topped $100 a barrel for the first time since the 2022 Russia-Ukraine shock, according to Reuters.
Coupled with the rising price of oil due to the war in Iran, businesses like Taverna Costera could pay more during their busiest season.
“Our economy is shrinking while prices are going up, and we’ve just seen our customers wallets get tighter and tighter,” Hwang said.
The restaurant said it will continue to monitor prices and announce if changes need to be made. For now, they are hoping customers choose to spend their extra dollars on a night out at Taverna Costera.
Despite the recent surge, prices remain below the record high set during the summer of 2022, when gas hit $5.67 per gallon.
In a statement, the U.S. Environmental Protection Agency said the agency will work with states to reduce unnecessary costs and uncertainty to ensure that gas prices “remain affordable for all Americans through the summer.”
A White House official said no final decision about a temporary lift of summer gasoline restrictions has been made.
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