Gas Prices Skyrocket as Oil Hits All-Time High, AAA Warns
Filling Up Feels the Pinch: Gas Prices Climb Alongside Global Oil Market American drivers are feeling the pinch at the pump as gas prices continue their upward trajectory, mirroring the global rise in oil prices. The national average for a gallon of regular unleaded gasoline has reached $3.82, a significant increase of 20% compared to the previous month and a staggering 47% jump from the same period last year, according to the American Automobile Association (AAA). This price surge stems from a classic economic principle: supply and demand. As the global economy recovers from the COVID-19 pandemic News, the demand for oil has surged, outpacing the current supply. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have been hesitant to ...
