America’s gas prices rose for the first time in nearly 100 days Wednesday, renewing concerns of inflation, as the Fed prepare to hike rates by another .75 – the fourth such increase this year.
Pump prices had fallen consistently for 99 consecutive days to a low of $3.67. On Wednesday, however, that reduction reversed, rising by a faction of a cent to $3.68 per gallon – again sparking fears of inflation.
Before the decline, however, prices had risen to as high as $10 in some states at the start of summer, and hit a record national average of $5.02 in June.
Experts believe the increase could also mitigate the Fed’s efforts to pull back inflation over the coming months – particularly when combined with upcoming winter months, which will increase demand for energy.
In the meantime, though, commuters have welcomed the brief refrain from astronomical costs seen during the pandemic – despite an argument that those benefits are being offset by the rapidly increasing cost of other…