Gas Prices Could Go Up Again Soon, Says AAA

Conceptual photo showing inflation and economic impact at the gas pump with hundred dollar bills inside the tank.
skodonnell / Getty Images/iStockphoto

If you’ve been enjoying those falling gas prices over the last few months, then now is a good time to fill your tank. Prices at the pump could soon start moving higher, according to AAA.

See: Everything’s Bigger in Texas — Including Taxes, Which Are Outpacing California
Discover: 8 Best Remote Jobs That Pay at Least $50 an Hour

In an article published on Monday, AAA noted that the national average gasoline price fell by 4 cents in the past week to $3.67 a gallon. That was the smallest weekly decline in months — a possible sign that the streak of daily falling national average gas prices is nearly finished after 100 days.

“All streaks have to end at some point, and the national average for a gallon of gas has fallen $1.34 since its peak in mid-June,” AAA Spokesperson Andrew Gross said in a statement. “But there are big factors tugging on global oil prices — war, COVID, economic recession, and hurricane season. All this uncertainty could push oil prices higher, likely resulting in slightly higher pump prices.”  

Make Your Money Work for You

The average national gas price stood at $3.674 a gallon as of Sept. 20, 2022. That was down from $3.707 a week ago and $3.908 a month ago. The all-time high of $5.016 a gallon was set on June 14.

As previously reported by GOBankingRates, many industry watchers expect gas prices to rise during the last couple months of 2022 because of a convergence of different events that will affect the price of oil.

One of those events is the end of releases from the U.S. Strategic Petroleum Reserve, which are scheduled to stop on Nov. 1, 2022. Another is the European Union’s plan to implement an embargo on Russian crude beginning on Dec. 1, which will tighten globally supplies even further.

Meanwhile, a severe hurricane season could disrupt oil production and supplies and lead to a spike in oil prices, but so far that hasn’t happened. Although Hurricane Fiona is currently battering parts of the Caribbean, it is expected to miss the U.S. East Coast, according to Weather.com. Fiona was the third hurricane of the 2022 Atlantic hurricane season, which is considered a low number.

Make Your Money Work for You

Take Our Poll: Are You Struggling To Keep Up With Your Utility Bills?
See: Unplug These Appliances That Hike Up Your Electricity Bill

However, the National Oceanic and Atmospheric Administration expects a total of 14 to 20 named storms this year, NBC-12 reported. Six to 10 of those are likely to become hurricanes and three to five are likely to become major hurricanes. If that happens, it would be an above-average season.

More From GOBankingRates

Share This Article:

Make Your Money Work for You

About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.
Learn More

Best Bank Accounts for September 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.