Gas prices keep climbing, and experts warn it could continue
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ALBUQUERQUE, N.M. — As the weather cools off, gas prices typically do too but prices are still spiking – and experts warn that trend could continue.
People want to know what’s fueling that. Especially someone like Willie Owens, a trucker who knows the pain of filling up with more than 100 gallons each time.
“It was like $771,” Owens told us about his recent fill-up.
Right now, gas prices are the most expensive they’ve been all year long in the U.S.
“I think gas prices keep going up and inflation is going up and we’re paying for it,” driver Jeff Sharon said.
Currently, the average price of gas is around $3.84/gallon. That is up $0.18 from this time last year.
AAA representatives say some relief is in sight, though. Gas stations will soon switch to winter-blend gasoline, which is typically cheaper.
Experts still warn we might not even see that drop.
“What we are seeing right now is kind of a push and pull on gas prices. A few different variables could cause gas prices to fluctuate, maybe go a little bit higher in the coming days,” said Daniel Armbruster, a spokesperson for AAA.
Higher crude oil prices are fueling the increase.
“We see crude oil is sitting around $90 a barrel. It was about $67 a barrel when the summer started,” Armbruster pointed out.
There’s a tighter supply after OPEC+ countries – the main oil producers – cut production.
Recently, a prisoner swap with Iran took place after $6 billion in their assets were unfrozen.
The cash represents money South Korea owed Iran – but had not yet paid – for oil purchased before the U.S. imposed sanctions on such transactions in 2019.
Earlier this month, the Biden administration also canceled the seven remaining oil and gas leases in Alaska’s Arctic National Wildlife Refuge. That overturned sales already in effect in the area.