Gasoline prices rise for a fifth straight day
Oil prices plunged about 5% on Friday on fears rising interest rates could trigger a global recession
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The average price for a gallon of regular gasoline in the U.S. started rising again in the past week, after declining for nearly 100 days in a row during the summer driving season.
The price on Sunday was $3.417 a gallon, according to AAA.
That makes it five straight days of increases that began on Wednesday morning, when the price ticked up to $3.681 per gallon from $3.674 the previous day.
The average price a week a go was $3.678. A year ago it was $3.188.
GAS PRICES RISE FOR THE FIRST TIME IN NEARLY 100 DAYS
Pumping gas at the gas station. (iStock / iStock)
Gas hit a high of $5.016 on June 14.
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.
Oil prices plunged about 5% to an eight-month low on Friday as the U.S. dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession.
Gas prices on Sunday 9/25/2022,
U.S. West Texas Intermediate (WTI) crude fell $4.58, or 5.5%, to $78.91.
For the week, WTI was down about 7%, the fourth straight week of declines for the benchmarks, the first time this has happened since December.
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Its not unusual to see wild price swings and oil could be impacted during hurricane season with a storm expected to hit the Gulf and the coast of Florida this week.
FOX Business' Daniella Genovese contributed to this report.