War, COVID, economic recession and hurricane season could all cause gas prices to go back up, experts warn.
According to AAA, the average cost of a gallon of regular gas on Wednesday is $3.68, up from $3.67 on Tuesday. Wednesday’s price increase marked the end of 98 consecutive days of falling prices.
Average gas prices remain 2 cents cheaper than a week ago and 22 cents cheaper than a month ago. An average gallon of gas costs $1.33 less than the June 14 peak of $5.01. Even with a summer of falling gas prices, a gallon of gas is 48 cents more expensive than a year ago.“All streaks have to end at some point,” said Andrew Gross, AAA spokesperson. “But there are big factors tugging on global oil prices—war, COVID, economic recession, and hurricane season. All this uncertainty could push oil prices higher, likely resulting in slightly higher pump prices.”
One reason prices have come down recently is most states have switched to a less expensive winter blend. California will make its switch from summer to winter blend Nov. 1. Mississippi currently has the cheapest average gas price at $3.09 a gallon. California and Hawaii are the only two states where gas remains above $5 a gallon. Alaska, Arizona, Idaho, Nevada, Oregon, Utah and Washington all have average gas prices in the $4 range.
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