Pump Prices in US Hit Highest Seasonal Level in Over a Decade
- Gasoline costs follow oil higher despite end of summer peak
- Fuel prices raise concern over inflation, consumer confidence
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Gasoline prices are now at the highest seasonal level in more than a decade even as the Labor Day holiday marked the end of the US summer driving season, sparking fears that inflation could accelerate again in a challenge to President Joe Biden’s reelection efforts.
The national average for regular gasoline stands at $3.811 a gallon, topping this time last year and marking the second-highest level in records going back to 1994 from the American Automobile Association. The move comes in a period when prices typically decline going into fall and is a u-turn after a relatively cheap summer for drivers.