Gas Prices in U.S. Trend Upward After Declining for Almost 20 Weeks

By Paul Riegler on 6 October 2022
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A gas station in New York in late May

After months of price declines, drivers are once again paying more at the pump.

The cost of a gallon of fuel is up largely due to refinery outages – both planned and unplanned – along with global trends and this week’s OPEC production cutbacks.

The average price for a gallon of regular gasoline in the United States was $3.75 according to the U.S. Energy Information Administration, which tracks such data.  Just one month ago, the average price was $3.83, but the cost of one gallon was only $3.65 on September 19.

While prices remain relatively low compared to the surge that brought them to record levels in early June, the bad news is that the cost per gallon is still up $0.59 when compared with the same date one year earlier.

The price for one gallon of premium gasoline, which was at $5.59 at a Shell station in Whitestone, New York, in early June, is now $4.29, although it was as low as $4.05 just seven days earlier.  The price was $4.89 in early August at the same station.

Fuel prices surged following Russia’s invasion of Ukraine in March, which disrupted the global oil market, and began their dramatic decline in early June.

Many drivers, after the attack, changed their driving habits to reduce fuel consumption, thereby lowering prices further.  Such strategies include combining errands on one trip and simply driving less.

More recently, on Wednesday, the OPEC+ alliance of oil exporting countries said it will cut oil production by 2 million barrels a day, a move that has already resulted in higher prices at the pump.

The group said its decision was due to the “uncertainty that surrounds the global economic and oil market outlooks.”

(Photo: Accura Media Group)