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AAA hints that gas prices could rise again

Iowa Gas Prices
Posted at 9:24 AM, Aug 01, 2022

For the last two months, gas prices have steadily dropped from an all-time high of $5.01 a gallon to $4.21 on Monday, but the trend may come to an end.

AAA said that increasing global oil prices and demand could cause prices to go back up. Government data showed US consumption of oil rose from 8.52 million barrels per day to 9.25 million last week.

The agency notes that demand tends to go up when prices go down.

“We know that most American drivers have made significant changes in their driving habits to cope with high gas prices,” said Andrew Gross, AAA spokesperson. “But with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise.”

A survey from AAA found that 64% of drivers changed their driving habits amid high prices, with 23% saying they made “major changes.”

The price of crude oil increased by $2.20 a gallon last week to $98.62 a barrel. AAA said that the Organization of the Petroleum Exporting Countries cartel is not expected to boost oil production for September.