A 99-day run of falling gasoline prices has ended, with pump prices still much higher than a year ago.
The nationwide average price for a gallon ticked up less than a penny Wednesday, to $3.68 a gallon, according to AAA. That's down from the record $5.02 average in mid-June.
"I suspect that we will see choppy prices for gasoline through year end, with some down days and up days," said Tom Kloza of the Oil Price Information Service. He predicted that the next streak will be a run of price increases early next year, driven by investors, speculators and "the fear that there won't be enough fuel to go around."
Some businesses, such as airlines, have been able to pass higher fuel prices on to their customers. Others haven't been able to do that. "Everything else you buy goes up," Mitchell said. "Every part for the truck has doubled, just about."& Sons, said high gas prices have taken a toll, and their unpredictability is hard to handle.
The surge in prices caused financial pain for families and a political headache for the Biden administration. With the midterm elections for Congress less than two months away, it's hard to know whether voters will reward Biden and the Democrats for the recent fall in prices - down $1.34 a gallon from the record set on June 14 - or blame them because prices are still well above the $3.19 average one year ago.
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