5/26/2023 0 Comments Gas price increase![]() Mahsiah Waites of Atlanta, Ga., uses her vehicle over six hours a day as part of her job as an assistant for a fashion designer. The storm is unlikely to cause disruptions to Gulf Coast crude and gasoline production as winds recede, according to AAA. With a jump in travel already adding upward pressure, a cyberattack in May on a gas pipeline that provides nearly half of the East Coast’s fuel supplies led to panic buying, shortages in some areas and a temporary spike in prices.Īmericans are also keeping a close eye on Tropical Storm Elsa, which is headed for the Gulf of Mexico and parts of Florida. ![]() Gas prices have also been volatile as the economy has reopened. Oil-producing nations finally agreed to cuts and have been operating mostly in lock-step for months, raising output slowly to keep prices high.īut the conciliatory nature of the agreement seems to have stalled, with OPEC Plus failing for days to come to a decision on production, and oil prices have fluctuated as traders await a result. But even prices at that level have not been reached since 2018, and they are far above the prices from early in the pandemic, when the price of a barrel hovered around $40.Īs travel ground to a halt early last year, Russia, which is part of the group of allied oil producers known as OPEC Plus, refused to cut production, sparking a price war with Saudi Arabia, the de facto leader of OPEC, that helped drive prices to rock-bottom. benchmark, down more than 2.5 percent to about $73.15. In California, which generally has some of the highest gas prices in the country, a gallon goes for $4.31.Ĭrude oil fell off its recent highs on Tuesday, with West Texas Intermediate, the U.S. Washington has seen one of the biggest spikes, with the price of regular gasoline rising 20 cents in the past month to $3.81, according to AAA. “Everything bad that could happen is happening all at once.” “It’s too much for too many people that lost their jobs or have low-paying jobs,” Mr. Gas in Illinois is averaging $3.36 a gallon, according to AAA. Hanson is paying over $60 to fill his Dodge Charger, making his trips to take his mother to her doctor appointments more expensive. The increase in energy prices could pose a challenge for the Federal Reserve by complicating its campaign to lower interest rates to bring down inflation.Scott Hanson of Western Springs, Ill., remembers when $40 was enough to fill up his gas tank last year, when he lost his job as an office manager due to the pandemic. While the rise in gas prices might be short-lived, energy costs are expected to rise ahead of the winter heating season as demand goes up. ![]() Natural gas rose by 2.9 percent in September and electricity rose by 0.4 percent. The national average price of gasoline stood at $3.913 on Thursday, according to data from AAA, a 0.2 percent decrease from the day before.ĭespite lower gas prices, the overall energy index is still up 19.8 percent over the 12 months through September. But the cost of gasoline has been creeping up in recent weeks as a result of temporary refinery closures and increased demand after a 98-day streak of declines ended last month. Gas prices fell 4.9 percent in September, according to data from Thursday’s inflation report. Prices at the pump have fluctuated after coming down from a record high this summer. It remains unclear whether gas prices will continue to fall. But those falling prices were not enough to offset month-over-month inflation, which rose 0.4 percent in September. Gas prices fell in September, helping to bring overall inflation down slightly on an annual basis.
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