Gasoline costs are inching closer to the $4 per gallon mark across the country.
As per AAA, the average national price for regular gasoline reached $3.85 per gallon on Monday. This marks the highest point since October 19 and arrives just a few weeks before the Labor Day weekend, during which numerous Americans will embark on road trips.
The previously observed summer surge in gas prices has somewhat subsided, as the recent trend shows a gradual and slight uptick in driver expenses. Over the past week, the national average has risen by a mere two cents.
Nonetheless, gas prices have increased by 28 cents in the previous month and 32 cents since the Fourth of July, primarily due to elevated oil prices resulting from reductions in supply by Russia and Saudi Arabia, combined with extreme heat affecting some US refineries.
As the unofficial start of summer arrived with the Memorial Day weekend, drivers were relishing substantial savings on gasoline compared to the previous year. However, those year-over-year savings have almost disappeared, with the national average only 11 cents lower than this same point last summer.
According to AAA, there are currently 11 states where the average gasoline price is $4 or more, including states such as Arizona, Illinois, and Utah, with Colorado and Michigan not far behind.
The leading OPEC nation, Saudi Arabia, recently extended its oil production cuts until at least September. An official source from the Saudi Ministry of Energy conveyed on August 3 to the state-run news agency SPA that the country would prolong its voluntary reduction of one million barrels per day. This action might be extended further and is intended to bolster the stability and equilibrium of the oil markets.