Gas prices on pace for most expensive October ever, AAA says
Gas prices remain above $4 a gallon nationwide as crude oil prices hover near $100 a barrel.
As of Friday, Oct. 23, the national average for a gallon of regular gasoline stood at $4.29, down about 20 cents
from a week earlier but still more than $1 higher than the same time last year, according to AAA.
Diesel prices averaged $5.75 a gallon, compared with $3.11 a year ago.
"This month is poised to set a record as the most expensive October ever for gas prices following similar records set in August and September of this year," AAA said in anOct. 22 news release.
Ongoing instability in the Middle East and concerns over disruptions to oil shipments through the Strait of Hormuz continue to put pressure on fuel prices.
Brent crude oil prices climbed to their highest level in more than five months after attacks in Saudi Arabia raised fears of further disruptions to energy supplies from the region, Reuters reported.
Crude oil prices
Brent crude futures were up to $114.57 a barrel early are gas prices going downon Oct. 23, Reuters reported.
Are gas prices going down?
According to AAA, the cost of gas is once again ticking upward, but was still lower than a month ago. The national average is still above $4 a gallon.
When will gas prices go down?
President Donald Trump announced plans to provide up to $150 million in federal funding to expand petroleum production, storage and distribution capabilities at refineries across the United States, according to a news release from the Department of Energy.
The funding, authorized under the Defense Production Act, is intended to boost domestic production of gasoline, diesel, jet fuel and other petroleum products.
The department estimates the investments could increase U.S. refining output by millions of gallons per day, potentially helping ease fuel costs for consumers and businesses, the Department of Energy stated.
Natassia Paloma may be reached at npaloma@gannett.com, @NatassiaPaloma on X, natassia_paloma on Instagram, and Natassia Paloma on Facebook.
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