Gas has reached its highest average price since late 2022, according to data from AAA, hitting a national average of $3.75 per gallon on Sunday for regular unleaded gasoline.
You might think that all the summer driving is behind higher prices, but compared to 2022 or 2021, demand is "tepid," said AAA spokesperson Andrew Gross.
Instead, it's lower supply that's driving prices upward. Last month, Saudi Arabia, the largest OPEC+ producer, said it will continue through August the 10% cut (1 million barrels per day) that it began in July. Russia said it will cut an additional 500,000 barrels per day in August, according to Russian news reports.
Extreme heat across the U.S. has also constrained supplies, said Gross, by lowering the amount of oil that refineries can turn into gasoline.
While gas prices are 20 cents higher than in June, they are still well below the $4.23 per gallon paid a year ago, or the all-time high of $5.01 in mid-June 2022.
As gas prices climbed higher Friday, the National Highway Traffic Safety Administration proposed an 18% increase in the fuel economy of new vehicles. If adopted, automakers would need their fleets to average 43.5 miles per gallon by 2032, compared to the existing standard of 36.75 miles per gallon that fleets must average by 2026.
Reaching even the lower standards will be a big climb from current fuel economy of new vehicles, which was 25.4 miles per gallon for the 2021 model year, according to the EPA.
Credit card usage is sure to tick up ahead of the holiday season. With cashback, airline miles and points to be earned, reward credit cards could give you a bonus. Grant Gallagher, associate vice president and head of financial well-being with Affinity Federal Credit Union, spoke with Cheddar News about why it's important to take advance of those rewards.
Tesla is increasing wages for factory workers in Germany.
People are making travel plans and booking tickets as the holiday season nears. Johannes Thomas, CEO of Trivago, joined Cheddar News to provide tips on saving when booking lodging ahead of Thanksgiving and Christmas.
Elon Musk unveiled 'Grok,' his new A.I. chatbot over the weekend, adding that it will be more rebellious than its counterparts. Cheddar News breaks it down.
Heinz is combining two popular flavors for its new condiment, pickle ketchup.
Federal health officials are expanding an investigation into potentially lead-tainted pouches of apple cinnamon fruit puree marketed for children amid reports of more illnesses and additional product recalls.
Berkshire Hathaway, the conglomerate run by businessman Warren Buffett, reported its operating earnings in its most recent quarter jumped more than 40% from a year ago but posted its first net quarterly loss in a year.
Maks Chmerkovskiy and wife Peta Murgatroyd, of "Dancing With the Stars" fame, are branching out into skincare.
Donald Trump began testifying Monday morning in his civil fraud trial, producing the spectacle of a former president and the leading Republican presidential candidate defending himself against allegations that he dramatically inflated his net worth.
The trial between Google and the maker of the game Fortnite will begin Monday as a San Francisco jury will hear Epic Games' case claiming the Google Play Store takes an unfair commission on purchases made through apps.
