As Labor Day weekend approaches, millions of Americans are poised to take to the roads.
However, they might face a pinch at the pump.
According to data from AAA, the national average for regular gasoline has surged to $3.85 a gallon, marking the steepest price since October 19 of last year.
Notably, this ascent has been gradual recently, with the average price seeing an increment of only two cents in the past week.
During the early summer days, drivers rejoiced in noticeable gas savings compared to the previous year.
But those discounts have slowly dissipated.
A comparison reveals that the current national average is merely 11 cents lower than what it was at the same time last summer.
The hike in fuel costs has been attributed to a series of events.
Over the past month, the prices have leaped by 28 cents and seen an additional 4-cent rise since the Fourth of July, CNN notes.
Key reasons include oil supply cuts by Russia and Saudi Arabia and interruptions in US refineries due to unprecedented heatwaves.
At present, 11 states, such as Arizona, Illinois, and Utah, have crossed the $4 average for gasoline.
Others like Colorado and Michigan are teetering close to that threshold.
In a move that could continue to impact the global oil market, an official from the Saudi Ministry of Energy announced, “the kingdom will extend this voluntary cut of one million barrels per day.”
Conveyed through the state-run news agency SPA on August 3, the source emphasized that these cuts, initially planned until September, may endure even longer.
The primary intent behind this strategy is “supporting the stability and balance of oil markets.”
In June of last year, the Congressional Committee on Ways and Means reported the national average for a gallon of gas had exceeded $5.00.
At the time, that was “more than double the average price of $2.39 on President Biden’s first day in office.”
