Oil Prices Up Nearly 30 Cents Over The Last Month


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Gas prices are back on the rise.

The average price of gas is now $3.85. This is up almost 30 cents from just one month ago.

The Hill reported:

The average price for a gallon of gasoline in the U.S. is $3.85. That’s up nearly 30 cents from a month ago.

Prices are still lower this year than they were last year due to spikes caused by Russia’s invasion of Ukraine; however, they are at their highest point this year.

Factors influencing the high gasoline prices include oil supply cuts abroad and issues at refineries that turn crude oil into gasoline.

Oil prices are a major factor in the price of the gasoline that eventually reaches consumers at the pump. Oil prices have been on the rise over the past month or so along with gasoline prices.

There are now 11 states that have an average of $4 or higher.

CNN reported:

According to AAA, there are now 11 states averaging $4 or higher, including Arizona, Illinois and Utah. Colorado and Michigan aren’t far away.

OPEC leader Saudi Arabia earlier this month extended its oil production cut at least until September. An official source from the Saudi Ministry of Energy told state-run news agency SPA On August 3 that the kingdom will extend this voluntary cut of one million barrels per day. The source told state media the cut could be extended further and the move is aimed at supporting the stability and balance of oil markets.