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U.S. Gas Prices Rise For FIRST-TIME In 100 Days

Topline

A 99-day streak of declining gas prices in the U.S. found a finish Wednesday, in accordance with AAA, with the common price for a gallon of regular gasoline rising nearly a single thing as concerns grow about an escalation of the war in Ukraine, economic troubles and hurricane threats.

An indicator displays gas prices at a gas station on, may 10, 2022 in Chicago. (Photo by Scott Olson/Getty … [+] Images)

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KEY POINTS

The common price for a gallon of gas is currently $3.68, per AAA, slightly up from Tuesday’s months-long low of just over $3.67.

The national increase is basically driven by western states, like Arizona, where in fact the average price spiked a lot more than seven cents a gallon from Tuesday into Wednesday, and California, where prices increased by a lot more than three-and-a-half cents during the past day.

Prices are continuing to decline in lots of states over the eastern part of the country, in accordance with AAA, however the drop has significantly slowed from the swift collapse in prices seen through the summer.

California leads just how in expensive gas, averaging $5.49 a gallon typically, accompanied by Hawaii ($5.27) and Nevada ($4.95).

Mississippi boasts the least expensive prices, having an average of $3.09 a gallon, with Louisiana next up at $3.14 a gallon and Georgia, where gas is $3.16 a gallon normally.

Crucial Quote

All streaks need to end at some time, AAA spokesman Andrew Gross said earlier this week. You can find big factors tugging on global oil priceswar, COVID, economic recession, and hurricane season.

Key Background

Gas prices skyrocketed earlier this season following Russia’s invasion of Ukraine, peaking at an all-time record most of $5.02 normally in the U.S. on June 14. However the trend then reversed at an equally historic rate, in large part because of reduction in demand. The pace of the collapse slowed significantly in the last week, though, signaling the long-term decline was likely arriving at a finish.

WHAT THINGS TO WATCH OUT FOR

A bleak speech from Russian President Vladimir Putin on Wednesday declaring a “partial mobilization” of Russian military reservists will fuel concerns concerning the war intensifying. Hurricane season in addition has taken a worrying turn, with forecasters now tracking Category 4 Hurricane Fiona, Tropical Storm Gaston and three other disturbances.

Further Reading

Putin Taps 300,000 Reservists To Fight In Ukraine As He Backs Referendums In Russian Occupied Territories (Forbes)

Gas Drops Below $3.50 A Gallon In These 10 StatesWith MORE PRONE TO Come (Forbes)

As U.S. Gas Prices Top $5, LISTED BELOW ARE The States Where Its PRICIEST And Cheapest (Forbes)

Hurricane Fiona Hits Category 4 Strength As More Tropical Threats Brew In Atlantic (Forbes)

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