247 Local Media247 Local Media

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    An Overview of Online Casinos vs Traditional Casinos

    December 8, 2022

    Types of Specialists for Erectile Dysfunction

    October 31, 2022

    When students’ basic needs are met by community schools, learning can flourish

    September 27, 2022
    Facebook Twitter Instagram
    • Home
    Facebook Twitter Instagram
    247 Local Media247 Local Media
    Subscribe
    • Home
    • Automotive
    • Business
    • CBD
    • Crypto
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Health
    • Home Improvement
    • Law \ Legal
    • News
    • Shopping
    • Sports
    • Technology
    • Travel
    • Contact US
    247 Local Media247 Local Media
    Home»Business»US gas prices rise, ending 98-day streak of declines
    Business

    US gas prices rise, ending 98-day streak of declines

    By September 21, 2022No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    US gas prices rise, ending 98-day streak of declines
    Share
    Facebook Twitter LinkedIn Pinterest Email
    US gas prices rise, ending 98-day streak of declines


    US gas prices rose slightly on Wednesday, ending a streak of 98 consecutive days in which costs at the pump had declined, according to the American Automobile Association.

    The national average price rose to $3.681 per gallon, up from $3.674 per gallon one day earlier, according to AAA. The increase marked the first time that gas prices rose since June 14, when the cost per gallon hit an all-time high of $5.016.

    “All streaks have to end at some point, and the national average for a gallon of gas has fallen $1.34 since its peak in mid-June,” AAA spokesperson Andrew Gross said in a blog post earlier this week.

    “But there are big factors tugging on global oil prices — war, COVID, economic recession, and hurricane season. All this uncertainty could push oil prices higher, likely resulting in slightly higher pump prices,” Gross added.

    The 98-day streak of declines was the longest of its kind since 2005. However, prices are still about 50 cents higher than they were one year ago.

    Gas prices
    Gas prices have hammered US household budgets over the last year.
    Getty Images

    The Biden administration has taken credit for the prolonged decline in gas prices, which have declined due to weaker demand and downticks in the price of oil as global markets press for a potential worldwide recession. President Biden and others suggested the release of oil from the strategic reserve helped to stabilize prices.

    While the declining prices have provided some relief to US households, other sources of inflation, such as food and shelter, have remained uncomfortably high.

    There are signs that more pain at the pump could be on the way for American motorists.

    Keep up with today’s most important news

    Stay up on the very latest with Evening Update.

    Earlier this month, Treasury Secretary Janet Yellen admitted there was a “risk” that gas prices would jump this winter as the US and European nations mull a price cap on Russian oil shipments.

    “It’s a risk and it’s a risk that we’re working on the price cap to try to address,” Yellen said during an Sept. 11 appearance on CNN’s “State of the Union.” “This winter, the European Union will cease, for the most part, buying Russian oil and in addition, they will ban the provision of services that enable Russia to ship oil by tanker. It is possible that could cause a spike in oil prices.”

    “Our price cap proposal is designed to both lower Russian revenues that they use to support their economy and fight this illegal war while also maintaining Russian oil supplies to hold down global oil prices,” Yellen added.

    Oil prices rose Wednesday after Russian President Vladimir Putin delivered a saber-rattling speech in which he announced a partial military mobilization of the country and again threatened to utilize nuclear weapons.

    Experts have warned that the Russia-Ukraine war could result in a European energy crisis this week that could reverberate through a global market already struggling to keep pace with demand.

    The US oil benchmark, West Texas Intermediate, rose above $85 per barrel, while the global benchmark Brent Crude topped $91 a barrel.

    The market will also be watching closely when the Federal Reserve announces the size of its next rate hike following the conclusion of its meeting Wednesday afternoon. Another sharp hike could lead oil prices to fall again.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Beyond Meat, Impossible struggle due to ‘woke’ perception: analysts

    September 26, 2022

    Developer hustles to build ‘Bustle’ in Penn Station area

    September 26, 2022

    Amazon rolls out second Prime Day this year for first time ever

    September 26, 2022
    Add A Comment

    Comments are closed.

    Editors Picks
    Recent Posts
    • An Overview of Online Casinos vs Traditional Casinos
    • Types of Specialists for Erectile Dysfunction
    • When students’ basic needs are met by community schools, learning can flourish
    • Walmart and Target Are Hiring 140,000 Seasonal Workers
    • 7 Ways to Get Affordable Dental Care for Adults and Children
    Archives
    • December 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • September 2021
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    © 2022 - 247 Local Media- All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.