What We Know: Gas prices are back at an average of $4 a gallon across the country, and drivers are once again feeling the pinch.
What It Means: AAA reports the national average reached $4 Monday. That is up sharply from $3.14 a gallon at this time last year.
Of course, the price depends on where you live. Some states have been above $4 for a while, while others are still paying less because of differences in taxes, supplies and nearby refineries.
Prices had dipped below $4 in June after oil costs eased during a temporary deal between the United States and Iran. But renewed fighting has pushed crude oil prices higher again.
Brent crude climbed above $90 a barrel Monday, while U.S. crude reached about $84 a barrel. The renewed conflict is also raising concerns about oil shipments through the Strait of Hormuz.
What’s Next: Higher fuel prices can affect more than just the cost of filling up. They can also raise transportation costs, which may eventually mean higher prices for groceries and other good
(Photo provided by Envato)