The national average for a gallon of gasoline rose to $3.68. done
For the first time in nearly 100 days, gas prices increased on Wednesday.
The national average for a gallon of gasoline rose by nearly a penny to $3.681 a gallon, from the national average of $3.674, after falling steadily every day since the beginning of June, according to AAA data.
Gas prices hit a record high of $5.02 a gallon on June 14, the last time the price hiked. At the time, US crude was around $120 a barrel and the benchmark international price was even higher. Since then, oil prices – which account for more than half of what consumers pay at the pump – have fallen.
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Even before Wednesday, AAA spokesman Andrew Gross cautioned that at some point, all streaks come to an end.
“It’s hard to draw conclusions from a small drop of a day or two,” Gross told Fox Business on Wednesday.
However, Gross said that Russian President Vladimir Putin’s call for a partial mobilization of reservoirs for the first time since World War II could result in “some upward pressure as global oil prices rise”. According to the Associated Press, the total number of reservists to be called could be up to 300,000.
In addition to war, hurricane season can also affect oil prices.
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“A new storm system could make its way into the Gulf of Mexico next week, and it could affect oil production and coastal refineries,” he said.
Even though prices saw a slight uptick on Wednesday, it is still at a record high of over $5 earlier this summer, giving motorists some respite.
According to AAA data, prices are 22 cents lower than a month ago, and about 50 cents lower than a year ago.
Treasury Secretary Janet Yellen It has already warned that this winter the prices may rise again.
Appearing on CNN earlier this month, Yellen was asked whether Americans could expect to see an increase in the coming months.
“Well, it’s a risk, and it’s a risk that we’re working on a price cap to try to address,” Yellen said, referring to an effort by the G7 countries to put a price cap on Russian oil. Told.
The secretary explained that the EU has cut Russian oil purchases to such an extent that they will “stop buying most” from Moscow, as well as a ban on providing services that would have allowed Russia to ship oil via tanker. “It is possible that could lead to a jump in oil prices.”
Fox News’ Ron Blitzer and The Associated Press contributed to this story.
Credit: www.foxbusiness.com /