Gas Prices Rise in September, But Remain Lower Than Last Year

Strategic Insights -

As the summer driving season winds down, gas prices have begun to climb, but remain lower than they were this time last year. Despite a 4.1 percent increase in prices at the pump from a month earlier, driving costs are still a relatively bright spot for consumers. However, this upward trend in gas prices is part of a larger increase in energy costs that has contributed to rising inflation.

Key Takeaways:

  • Gas prices rose 4.1 percent from August to September, but remain 0.5 percent lower than they were last year.
  • The price of electricity fell 5.1 percent over the same period, while the cost of piped natural gas used for cooking and heating decreased 11.7 percent.
  • Oil prices have been volatile, rising 8 percent to around $62 a barrel in the US, following the US announcement of sanctions on Russia's largest oil companies.
  • The current oil price is still lower than the average price this year and around $10 a barrel less than last October.
  • The increase in gas prices is part of a larger trend of rising energy costs that has contributed to inflation.
  • The recent rally in oil prices was triggered by the US announcement of sanctions on Rosneft and Lukoil in an attempt to pressure Moscow to accept a cease-fire in the Ukraine war.
  • The sanctions on Russia's oil companies have had a significant impact on the global oil market.

Statistics:

  • Gas prices rose 4.1 percent from August to September.
  • Gas prices are 0.5 percent lower than they were last year.
  • Electricity prices fell 5.1 percent over the same period.
  • Piped natural gas prices decreased 11.7 percent.
  • Oil prices rose 8 percent to around $62 a barrel in the US.
  • The current oil price is $10 a barrel less than last October.
  • The average oil price this year is lower than current prices.

Sources:

  • The New York Times, no date or publication date mentioned in the article.