Gasoline prices are rising for the fifth day in a row
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The average price of a gallon of regular gasoline in the United States began to rise again in the past week, after falling for nearly 100 days in a row during the summer driving season.
The price on Sunday was $3.417 per gallon, according to AAA.
That makes it five straight days of gains that began Wednesday morning, when the price rose to $3.381[ads1] a gallon from $3.674 the previous day.
The average price once a week was $3,678. A year ago it was $3,188.
GAS PRICES ARE UP FOR THE FIRST TIME IN ALMOST 100 DAYS
Pumping gas at the gas station. (iStock/iStock)
Gas hit a high of $5.016 on June 14.
At the time, US crude oil was around $120 a barrel, and the international benchmark price was even higher. Since then, the price of oil – which makes up more than half of what consumers pay at the pump – has fallen.
Oil prices plunged around 5% to an eight-month low on Friday as the US dollar hit its strongest level in more than two decades and on fears that rising interest rates will tip major economies into recession.
Petrol prices Sunday 25/09/2022,
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US West Texas Intermediate (WTI) crude fell $4.58, or 5.5%, to $78.91.
For the week, WTI was down around 7%, the fourth consecutive week of decline for the benchmarks, the first time this has happened since December.
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It’s not unusual to see wild price swings and oil can be affected during hurricane season with a storm expected to hit the Gulf and Florida coast this week.
FOX Business’ Daniella Genovese contributed to this report.
