Gas prices hit second-highest August peak in over a decade
Nancy Vu
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Gas prices hit the highest level for early September in over a decade, igniting fears that inflation could rise again — and giving Republicans more fodder to hit President Joe Biden on fuel costs as he heads into an election year.
National gas prices reached $3.81 a gallon on Tuesday, topping the average for around the same time last year and marking the highest figure for the date in over a decade, according to AAA data reported by Bloomberg.
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August’s average gasoline price, coming in at $3.84, marks the second-highest level of prices for the month over the last decade, with the highest seen in 2022, according to the Energy Information Administration.
The price increase is following on the heels of news that Saudi Arabia and Russia are extending their voluntary oil production cut until the end of the year, which lifted prices for crude oil Tuesday. West Texas Intermediate reached more than $87 a barrel on Tuesday, followed by Brent crude topping more than $90. These are the highest levels since November.
The high prices come when prices usually take a dip going into the fall as the driving season eases and demand for fuel simmers down.
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Gas prices have become a large sticking point for any president heading into reelection season, and it likely will be the case for Biden as Republicans look to hammer him by tying high gas prices to inflation.
“Gas prices are at historic highs heading into Labor Day weekend,” the Republican National Committee posted on X (the website previously known as Twitter) last Thursday. “Under Biden, they’ve been high for years.”