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Gas Prices Continue to Rise Even After Summer Driving Season
It seems gas prices are still rising, which is pushing up the national average for a gallon of gasoline in the United States.
According to data from AAA, the national average increased to $3.88 per gallon on Monday. It increased from $3.87 the previous week. A gallon of gas cost $3.68 a year ago, 20 cents less.
The reason is the quickly increasing price of oil. On Monday, the price of Brent crude almost reached $98 per barrel before easing to about $94.83, an increase of almost 0.9 percent. West Texas Intermediate crude saw a 1.5 percent price increase to about $92.16.
After Labor Day, there is normally a decline in demand for gasoline and oil as children return to school and families spend less time traveling. From 9.32 million barrels per day the previous week, demand dropped to 8.31 million barrels per day. According to AAA, the amount of gasoline in storage increased to 220.3 million barrels from 217.7 million barrels.
“Oil costs are putting upward pressure on pump prices, but the rise is tempered by much lower demand,” Andrew Gross, AAA spokesperson, said in a statement. “The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant. But the usual decline in pump prices is being stymied for now by these high oil costs.”
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