Rising gas prices – prices have risen 17 cents in the past week alone – will only add to the inflationary pressures that have raised fears of a recession, shaking financial markets and shaking the economy. Has influenced the views of Americans.
Pump prices have risen nearly 25 percent since Russia’s invasion of Ukraine, sending shockwaves through global energy markets.
Still, the latest rise in gas prices will only exacerbate today’s inflation problems, and most will not be included in Wednesday’s inflation report.
Some analysts fear that even higher prices are coming. Andy Lipo, president of Lipo Oil Associates, told CNN on Sunday that he expects retail prices to reach 4. 4.50 a gallon in 10 days from next week.
Gas prices have been rising steadily towards oil, and the good news is that oil prices fell sharply on Monday, perhaps due to some pressure on pump prices.
US oil fell 6 percent to 10 103.09 a barrel on Monday, its worst day since the end of March.
Beyond concerns about China’s Quad Lockdown, analysts said oil fell as it plunged Wall Street into gloom and doom as stocks fell. On Tuesday morning, crude oil prices were slightly lower.