Gas prices rise for the first time in nearly 100 days
The national average for a gallon of gasoline increased to $3.68
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Gas prices increased Wednesday for the first time in nearly 100 days.
The national average for a gallon of gasoline rose by almost one penny to $3.681 per gallon from $3.674 after steadily falling every day since early June, according to data from AAA.
Gas prices hit a record high of $5.02 per gallon on June 14, which was the last time prices rose. At the time, U.S. crude was about $120 a barrel and the benchmark international price was even higher. Since then, oil prices – which account for over half of what consumers pay at the pump – have tumbled.
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Even before Wednesday, AAA spokesman Andrew Gross cautioned that at some point, all streaks come to an end.
"It's hard to draw conclusions from a tiny one- or two-day dip," Gross told FOX Business Wednesday.
Gasoline prices are displayed on a pump at a Sheetz station. (Paul Weaver/SOPA Images/LightRocket via Getty Images / Getty Images)
However, Gross said there could be "some upward pricing pressure if global oil prices spike" as a result of Russian President Vladimir Putin calling for a partial mobilization of reservists for the first time since World War II. The total number of reservists to be called up could be as high as 300,000, according to The Associated Press.
Aside from the war, hurricane season can also impact oil prices.
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"A new storm system forming could make its way to the Gulf of Mexico next week, and that could impact oil production and coastal refineries," he added.
Even though prices saw a slight uptick Wednesday, it's still well under record highs of over $5 earlier this summer, giving motorists a bit of relief.
A customer clutching $20 bills pumps gas at a Phillips 66 station in Centennial, Colorado. (Reuters/Rick Wilking / Reuters Photos)
Prices are 22 cents lower than they were a month ago, and nearly 50 cents lower than a year ago, according to AAA data.
Treasury Secretary Janet Yellen has already warned that prices could shoot back up this winter.
Appearing on CNN earlier this month, Yellen was asked whether Americans can expect to see an increase in the coming months.
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"Well, it’s a risk, and it’s a risk that we’re working on the price cap to try to address," Yellen said, referencing an effort by G7 countries to place a price cap on Russian oil.
The secretary explained that with the European Union severely cutting back on Russian oil purchases to the point that they "will mostly stop buying" from Moscow, plus a ban on providing services that allow Russia to ship oil via tanker, "It is possible that that could cause a spike in oil prices."
FOX News' Ronn Blitzer and The Associated Press contributed to this story.