Medora Lee | USA TODAY | Aug 18th, 2023
Category: Financial News
Gas prices have been climbing again, hitting the highest level since October 2022, according to motor vehicle club AAA.
The national average price for a gallon of unleaded gasoline last week reached $3.87, 31 cents higher than last month and a nickel more than the week prior, AAA said. The price is still below the $3.93 people paid one year ago, but Patrick De Haan, head of petroleum analysis at gas price tracker GasBuddy, sees the potential for prices to rise above that before summer ends.
That increase could derail budgets for Labor Day travel and fan inflation again, analysts said. Gas prices are getting perilously close to $4 per gallon, seen as a tipping point for Americans, AAA said. Among 1,051 Americans AAA surveyed in February 2022, 59% said they would make changes to their driving habits or lifestyle if the cost of gas rose that high.