Two months ago, almost all predictions about gasoline prices were that they were falling and would stay down, or even drop more. Crude prices had fallen. Oil and gas supplies were abundant. Trouble with Iran did not look like it would block shipments of oil from the Middle East. Supply interruptions in the North Sea were short-lived. It only took a month for sentiment to change almost entirely.
Hopes that large governments will stimulate their economies and renewed worries about Iran have pushed WTI crude prices back near $100. Gas prices have risen most days in the past six weeks. As the Labor Day weekend is just a few days away, the price on average of a regular gallon of gas nationwide has risen to $3.730, according to measurements taken yesterday for the AAA Fuel Gauge. That is up from $3.716 a week ago and $3.485 a month ago. In some parts of the nation, gas prices have risen 10% in the past 30 days.
Drivers will pay a good deal more than they might have expected a month ago as they go on Labor Day trips. And, if money is as tight as most economist believe, these drivers will not be in a mood to spend when they return.
Douglas A. McIntyre
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.