June 13, 2024

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Gasoline prices rise for the fifth day in a row

Gasoline prices rise for the fifth day in a row

The average price of a gallon of regular gasoline in the United States began rising again last week, after dropping nearly 100 days in a row during the summer driving season.

Sunday was $3,417 per gallon, according to AAA.

That makes it five consecutive days of increases that began Wednesday morning, when the price rose to $3,681 a gallon from $3,674 the day before.

average price Weekly it was $3,678. A year ago it was $3,188.

Gas prices rise for the first time in about 100 days

Pumping gas at the gas station. (iStock / iStock)

Gas hit a high of $5,016 on June 14.

At the time, the price of US crude was around $120 a barrel, and the international benchmark price was even higher. Since then, oil prices — which account for more than half of what consumers pay at the pump — have fallen.

Oil prices fell about 5% to their lowest level in eight months on Friday as the US dollar reached its strongest level in more than two decades amid fears of higher interest rates. Push the major economies into recession.

gas price chart

Gas prices on Sunday 25/9/2022 AD.

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US West Texas Intermediate crude fell $4.58, or 5.5 percent, to $78.91.

Over the course of the week, WTI fell about 7%, the fourth consecutive week of declines for the benchmarks, and the first time this has happened since December.

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It is not unusual to see extreme price fluctuations during which oil can be affected hurricane season A storm is expected to hit the Gulf and coast of Florida this week.

FOX Business’s Daniela Genovese contributed to this report.