For the first time since gasoline prices peaked at $5.012 in early June, the national average for a gallon of gas rose.
According to the American Automobile Association (AAA), the national average pump price climbed by a penny to $3.68 per gallon.
After a 100-day streak of declining national average gas prices, the streak is over.
“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,” said Andrew Gross, AAA spokesperson, in a statement. “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.”
While many energy analysts warn that gas prices could begin to increase again, the downward trend in crude oil prices may beg to differ.
On Wednesday, October West Texas Intermediate (WTI) crude futures tumbled below $84 a barrel and November Brent crude futures traded at around $90.50 per barrel.
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