The average cost of a gallon of gasoline reached $3.82 on Tuesday at a national level, marking an increase of 60 cents since the commencement of 2023. This figure represents the highest value registered this year, according to The Wall Street Journal.
Earlier in the year, the persistence of oil and gas prices below $3.60 can be attributed largely to China’s subdued economic recovery. However, the strategic curtailment of oil production by Russia and Saudi Arabia has enabled a resurgence in oil prices, resulting in them climbing back to $80 per barrel.
These elevated energy costs are projected to further complicate the Federal Reserve’s efforts to counter the challenge of reinstating inflation to its standard 2% benchmark.