U.S. gas prices are rising at fastest pace ever

The average price per gallon of unleaded gasoline jumped 9 cents at domestic service stations Friday to $3.84, according to AAA, after increasing by 7 cents Thursday. A week ago, drivers paid 26 cents less on average per gallon.

Advertisement

It’s the largest short-term price spike AAA’s data have ever recorded, spokesman Devin Gladden said. Its price-tracking records date to 2000.

More price hikes could be in store. Some analysts predict that oil could reach $130 per barrel. RBOB gas, a benchmark for pretax refined gasoline, traded close to $3.50 per gallon Friday up from $3.30 on Thursday. Crude oil Friday afternoon traded for more than $112 a barrel, its highest mark since 2008.

The added expenses could have sweeping impacts for U.S. consumers, experts say. Recent wage growth has insulated some consumers from climbing prices, but gasoline alone contributed to a quarter of the 6.1 percent increase in inflation over the past 12 months.

Join the conversation as a VIP Member

Trending on HotAir Videos

Advertisement
Advertisement
Advertisement