After 99 consecutive days of falling gas prices, the cost for a gallon rose a penny higher Wednesday.
The national average price rose to about $3.68 a gallon, according to the AAA, but prices have been steadily falling. Wednesday’s average is lower than a week ago average of $3.70 a gallon and well below last month’s average of $3.90 a gallon.
Prices soared above $5 a gallon in the summer, increasing financial pressures on families and potentially giving the Biden administration a headache. While the White House has no role in determining what you pay at the pump, gas prices are always a political issue.
The cost of almost everything has risen as the global economy emerges from the pandemic, but the price of gasoline is something that Americans have seen tick higher daily at every gas station on the corner this year.
Gasoline prices roughly follow that of crude oil, and the price of a gallon peaked in mid-June when a barrel of crude passed the $120 mark. The price of crude oil has fallen by more than 20% since then and gasoline prices are following.
There are a number of factors that can cause prices to stay in place and potentially move higher, including weather.
Hurricane season officially begins in June, but most storms threaten the US from August to October. The National Oceanic and Atmospheric Administration says the chance of increased hurricane activity this year is 65%.