Gas prices rise on strong demand, higher oil prices

video

A lot of people are choosing to drive over flying despite high gas prices: Lee Abbamonte

Travel expert Lee Abbamonte discusses how millions of Americans are traveling by car this Thanksgiving on ‘Fox Business Tonight.’

Gas prices have steadily begun to increase due to a rise in fuel demand coupled with higher oil prices, according to AAA. 

The national average for a gallon of regular gasoline notched $3.44 on Tuesday, according to the automobile club, which noted that drivers are taking advantage of the milder weather in much of the country "by fueling up and hitting the road." 

AAA spokesperson Andrew Gross also noted that "with the cost of oil hitting $80 a barrel, there is a lot of upward pressure on gas prices at the moment."

Gross said oil prices seem to be increasing on upbeat global economic news. 

AMERICANS SHOULD PREPARE FOR GAS PRICES TO KEEP RISING, ANALYSTS WARN

istock collage (istock / iStock)

Prices are still much lower than they were last summer when they reached an all-time high of $5.02 per gallon on June 14. 

On Monday, President Joe Biden tweeted that gas prices are down $1.60 a gallon from their peak this summer, saying in part that the "Administration will keep working to lower costs for American families."

Still, prices are up 35 cents compared to a month ago and 11 cents more than a year ago, according to AAA's latest figures. 

TREASURY SECRETARY JANET YELLEN WARNS GAS PRICES COULD 'SPIKE' AGAIN THIS WINTER

In this photo illustration, a gas pump is filling up a vehicle at a Chevron gas station on Dec. 5, 2022 in Houston, Tex. gas prices have dropped towards $3 a gallon, with global gas prices having steadily dropped since June.  (Brandon Bell/Getty Images / Getty Images)

Up until last month, prices had been steadily falling since June, aside from a brief uptick in September and early October.

The price at the pump started to tick back up after hovering around $3.06 on Dec. 23. However, AAA still projects that gas prices will fall in later February due to a lull in demand before spring break. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

video

White House blames rising gas prices on everyone but themselves: Sen. Bill Cassidy

Louisiana Republican Sen. Bill Cassidy reacts to Democrats accusing Republicans of raising gas prices on the American people on ‘The Big Money Show.’

Source: Read Full Article