The longest run of daily declines in US pump prices since 2015 may be nearing an end.
Regular gasoline has dropped by less than a penny for several days, according to data from auto club AAA, far smaller than the daily losses of 3 cents or more in July that were the biggest in more than a decade. At the same time, more states are seeing an overnight increase in prices, with 15 reporting a jump in the latest period. That’s more than triple the number that saw gains at the end of last week.
The loss of momentum comes just as Nymex gasoline futures traded in New York have turned higher, climbing for a fourth session on Tuesday. An increase in futures prices often leads to a boost in costs at the pump. Low inventories across the country are also pressuring fuel prices, even though they have rebounded slightly in recent weeks amid weak demand, data from the Energy Information Administration show.
Price spikes have been most acute in California — the nation’s most expensive state for gasoline where the average now sits at $5.426 a gallon — putting further strain on consumers who have had to cope with a scorching heat wave, power issues and other inflationary pressures.
