According to AAA, gas pump prices are creeping towards $4 a gallon in the United States, as the national average for regular gasoline hit $3.85 a gallon on Monday.
CNN reports that That’s the highest level since October 19 and comes just weeks ahead of Labor Day weekend when millions of Americans will hit the roads.
The summer petrol price rise has subsided, and drivers are now paying slightly more lately. Over the previous week, the national average has increased by two cents.
However, due to increasing oil prices brought on by a reduction in supply by Russia and Saudi Arabia and the shutdown of some US refineries due to extreme heat, petrol prices have increased by 28 cents over the previous month and 32 cents since the Fourth of July.
Memorial Day weekend marked the unofficial start of summer for drivers taking advantage of significant petrol savings from the previous year. With the national average down just 11 cents from last summer, any savings from year over year have almost completely disappeared.
According to AAA, there are currently 11 states with an average price of $4 or more, including Arizona, Illinois, and Utah. Michigan and Colorado are close by.
Saudi Arabia, the organization’s dominant member, extended its output cut earlier this month, at least through September a representative of the Saudi Ministry of Energy informed the government-run news agency SPA The monarchy will continue its voluntary one million barrel per day decrease starting on August 3. The action is intended to promote the stability and balance of the oil markets, the source told state media, adding the decrease could be extended further.
