- US gas prices rose to $3.681 per gallon on Wednesday from $3.674 on Tuesday, marking the first increase in 99 days, said AAA.
- It signals that the impact of declining fuel costs on the recent easing in inflation may be dwindling.
The US average for a gallon of gas rose to $3.681 on Wednesday from $3.674 on Tuesday, marking the first increase in 99 days, AAA data shows.
One month ago, prices stood at $3.904 a gallon, whereas a year ago a gallon cost $3.192, or about 15% less than the current rate.
According to the AAA, Mississippi has the least expensive gas in the country at $3.10. The average pump price in California is $5.493.
Prior to the uptick, gas prices saw their smallest weekly decline in months over the last week.
"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," Andrew Gross, AAA spokesperson said in a statement on Monday. "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."
Since Russia invaded Ukraine in February and thanks to the ensuing energy crisis across Europe, US gas prices saw a steep climb in parallel to global oil prices, soaring above $5 a gallon three months ago. Prices had soared so high that signs of demand destruction emerged during the summer driving season.
The steady decline in prices that followed came as the Biden administration began releasing record amounts of crude oil from the Strategic Petroleum Reserve while fears of a recession weighed on demand forecasts.
The Energy Information Administration reported that gasoline demand dropped to 8.49 million barrels per day last week from 8.73 million barrels per day in the prior week.
Oil prices slipped Wednesday, with West Texas trading down 1% at $83.12 a barrel. Brent crude, the international benchmark, moved lower 0.61% to $90.13.