Gas prices continue to rise this week in the U.S., hitting the highest level in months.
Now, the concerns and political ramifications for the Biden administration are starting to rise as well.
Read MoreGas Prices Steadily Rise, Biden Takes Fire
Tag: AAA
Gas Prices Rise for First Time Since June
Following nearly 100 days of declines, gas prices rose slightly Wednesday, and are forecasted to change little in the near future.
The national average price rose by about a cent to $3.68, snapping a 98-day streak of declines since prices peaked at $5.02 in mid-June, according to data from the American Automobile Association (AAA). A slight increase was expected to occur soon after prices fell only four cents last week, the smallest decrease in months, which the AAA attributed to the impacts of “war, COVID, economic recession, and hurricane season,” in a statement Monday.
Read MoreGas Prices Continue Decline, Still Much Higher than Last Year
Gas prices have continued a steady decline in recent weeks, coming down from record-high gas prices this summer, but the Congressional Budget Office says natural gas prices may see an increase from the recently passed Inflation Reduction Act.
According to AAA, the current national average price for a gallon of regular gasoline is $3.78, down from $4.08 a month ago and down significantly from earlier this summer when prices surpassed $5 per gallon. Prices have dropped about a nickel in the past week.
Read MoreNational Gas Price Average Hits $5 per Gallon
The average price for a gallon of gas nationwide has reached the the $5 threshold, according to Thursday reports.
“According to GasBuddy, the national average has reached $5 per gallon,” said GasBuddy’s Patrick De Haan.
Read MoreGas Prices Hit New High for Second Day in a Row
Gas prices hit another record high Tuesday, the latest in more than a dozen record high days this month.
Gas prices had hit record highs every day for two weeks during May before dipping down slightly. Now, with two consecutive record days, another run of record highs may be on the way.
Read MoreGas Prices Hit Record High Every Day for Past Two Weeks
Gas prices have soared to new heights this month with the price of unleaded regular gas hitting a record high every day for the past two weeks. With Memorial Day weekend approaching, motorists face steep costs if they plan to travel.
According to AAA, the national average regular unleaded gas price Tuesday came in at $4.60, a record high. Diesel gasoline is at $5.55 per gallon, just below the record set last week.
Read MoreGas Prices Reach $5 Per Gallon for First Time in Phoenix
Phoenix residents are feeling the effects of the highest gasoline prices in American history, as Tuesday marked the first day that the city’s average price for a gallon per gas was $5.
According to the American Automobile Association (AAA), the average price per gallon of gas in Phoenix Tuesday was exactly $5, an 11 cent jump from Monday’s average of $4.89, and a 28 cent jump from last Tuesday’s average of $4.72. A month ago, the average price of a gallon of gas in the city was $4.56.
Read MoreConsumer Prices Rise 8.5 Percent, the Highest in 40 Years
Newly released federal inflation data show that prices continue to rise at the fastest rate in four decades, continuing the trend of soaring inflation.
The Bureau of Labor Statistics released its Consumer Price Index, a key indicator of inflation, which showed prices rose an additional 1.2% in March, part of an 8.5 percent spike in the past 12 months.
Read MoreGas Prices Set to Surge Again, Industry Analysis Shows
The price of gasoline is set to increase to $4 per gallon or more within five months, according to an industry analysis released Tuesday.
The gas price surge is forecasted to take place by Memorial Day in late May, according to the report from GasBuddy, an app that tracks pump prices, and shared with CNN. But the analysis said the average cost of gasoline at pumps nationwide would then fall throughout the summer and fall of 2022, declining below current prices.
“We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon,” Patrick De Haan, the director of petroleum analysis at GasBuddy, told CNN.
Read MoreOil Prices Hit a Seven-Year High as Industry Feud with Biden Administration Continues
Oil prices hit a 7-year high this week as American oil and gas companies continue to fight the Biden administration over policies restricting production.
As the economy began to reopen this year and the demand for fuel increased, President Joe Biden, through executive order, halted and restricted oil and gas leases on federal lands, stopped construction of the Keystone Pipeline, and redirected U.S. policy to import more oil from Organization of the Petroleum Exporting Countries and Russia (OPEC+) instead of bolstering American oil and gas exploration and production.
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