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.

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Gas 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.

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Gas 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.

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Consumer 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.

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Gas 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.

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Oil 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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