Gas prices are going up again. According to the United States Department of Labor, gas prices went up an average of 3% in February 2024. Many consumers have also noticed that they have continued to rise during early March.
According to AAA, gas prices rose 6% between February 12 and March 12, rising to their highest price in the last four months. Bespoke Investment Group says that gas prices from March 7, 2023, to March 7, 2024, climbed by 9.2%.
Historically, they climb an average of 8.3% annually. Gas prices are usually lower in the winter than in the summer. The rise in gas prices may have several causes.
OPEC+ Keeping Oil Off-market
On March 3, 2024, OPEC+ agreed to continue to cut the availability of crude oil through at least through the end of June. The group, which includes many of the world's top oil producers, had cut production to just 2.2 million barrels per day in November 2023.