Pump Prices in US Hit Highest Seasonal Level in Over a Decade

 

• Gasoline costs follow oil higher despite end of summer peak
• Fuel prices raise concern over inflation, consumer confidence

Gasoline prices are now at the highest seasonal level in more than a decade even as the Labor Day holiday marked the end of the US summer driving season, sparking fears that inflation could accelerate again in a challenge to President Joe Biden’s reelection efforts.

The national average for regular gasoline stands at $3.811 a gallon, topping this time last year and marking the second-highest level in records going back to 1994 from the American Automobile Association. The move comes at a time when prices typically decline going into fall and is a u-turn after a relatively cheap summer for drivers.

https://www.bloomberg.com/news/articles/2023-09-05/pump-prices-in-us-hit-highest-seasonal-level-in-more-than-decade