After showing a steady decline for the past three months, gasoline prices in the U.S. are on the rise again. According to data compiled by American Automobile Association (AAA), the national average gas price has increased by 11 cents since the start of the week. As of Sunday, the gallon of gas is going for $3.904 on average.
There are several factors driving the price of gasoline up again, with the most significant being the recent decision by OPEC+, an intergovernmental organization of oil-producing countries, to decrease their oil production. This will further limit the oil supply on the international market, resulting in higher prices.
Reportedly, the U.S. government is already looking into ways to keep the gasoline market in the nation under control and stop the expected surge in prices. One of them might be a ban on gasoline export, although this decision is considered controversial and viewed as a last resort.
Back in June, gasoline prices in the U.S. surpassed $5 per gallon on average for the first time in the country’s history. The price of gas was even higher in some states, with drivers in California paying well above $6 per gallon on average.
The prices started coming back on Earth in July as a result of weaker demand and the government’s decision to tap into their oil reserves in attempt to stabilize the market.