2023-08-14 22:46:00
New York (CNN) — Prices at US gas stations are approaching $4 a gallon nationwide.
The national average for regular gasoline reached US$ 3.85 per gallon this Monday, according to the American Automobile Association (AAA). The figure represents the highest level since last October 19 and comes just weeks before Labor Day, when millions of Americans will take to the roads.
The summer spike in gasoline prices has softened, and the cost to drivers has gradually risen recently. The national average rose two cents last week.
However, the price of gasoline has increased 28 cents in the last month and 32 cents since July 4, as a result of higher oil prices caused by reduced supplies from Russia and Saudi Arabia, and the extreme heat that it has put some US refiners out of business.
When summer unofficially kicked off on Memorial Day weekend, drivers were enjoying huge savings on gas over the previous year. Those year-over-year savings are all but gone, as the national average is down just 11 cents since last summer.
According to AAA, there are now 11 states with a median of $4 or more, including Arizona, Illinois and Utah. Colorado and Michigan are not far away.
Earlier in the month, OPEC leader Saudi Arabia extended its oil output cut until at least September. An official source in the Saudi Ministry of Energy told the state news agency SPA on August 3 that the kingdom would extend this voluntary cut of one million barrels a day. The source told state media that the cut might be extended further and that the measure is intended to support the stability and balance of the oil markets.
1692061706
#price #gasoline #rises #highest #level #months
