All articles tagged with #pump prices
Gas prices in the US experienced their largest one-day increase in a year, rising by four cents per gallon to reach an average of $3.64. This surge follows a recent uptick in oil prices, which have reached three-month highs. Despite the increase, gas prices remain significantly lower than they were a year ago, when they exceeded $5.00 per gallon.
The OPEC+ oil cartel's surprise decision to cut production will lead to higher gas prices for US drivers, with prices already up about 7 cents nationwide. Experts predict that the cuts could eventually push the price beyond $100 a barrel, leading to hikes of roughly 26 cents per gallon. This, on top of the usual seasonal increase, could make the next few months "pretty painful for drivers." The delicate oil market is overly sensitive to global events, making it difficult to predict how high prices could go. The price hikes will likely impact people's spring and summer plans, with some Americans shortening road trips due to high prices.