Fuel pump prices have declined slightly from their recent year-to-date high but remain at their highest summertime levels in over a decade even as the Labor Day holiday marked the end of the U.S. summer driving season.
Fuel Pump Prices Are Now At The Highest Seasonal Level
The national average for a gallon of Fuel pump stands at $3.811 as of September 5, data from the American Automobile Association shows topping fuel costs from this time last year by a full three cents.
The Daily News reported that the Fuel pump prices have not been higher at this time of year since September 2012 when filling up at the pump hit $3.84 per gallon amid concerns about supply disruptions from the Middle East.
On Tuesday after Saudi Arabia and Russia extended production cuts that have already tightened global supply at the pump is complicated by a resurgence in the cost of oil, with Brent futures topping $90 a barrel. Since November the global benchmark and West Texas Intermediate futures are both at the highest level.
The President Is Doing Everything To Lower The Fuel Pump Prices
Expensive fuel poses a risk to President Biden as it’s one of the most visible signs of inflation. National Security Advisor Jake Sullivan said at a White House briefing Tuesday that Bident is “doing all his powers just to get lower fuel pump prices for the consumers” adding that gasoline prices are an “ultimate metric” for success.
Last year, the Biden administration in the wake of Russia’s invasion of Ukraine, resorted to market an unprecedented amount of oil from the Strategic Petroleum Reserve when record pump prices helped drive price increases to a 40-year high. Currently, the administration is in the process of purchasing back crude to restock the emergency caverns, which have emptied close to their lowest level in four decades.
The markets of fuel have also been squeezed with US national stockpiles staying largely below seasonal norms since around the middle of July. The supply of the fuel is unlikely to rebuild soon with refineries entering the fall maintenance season, but the decline in demand should provide some balance.
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