The 14-week decline in prices was the longest streak since 2015.
- A 99-day run of falling gasoline prices — a streak that gave consumers a glimmer of hope that red-hot inflation might be cooling — has ended, with pump prices still much higher than a year ago.
Many energy analysts believe that prices are more likely to rise than fall in the next few months. However, changes in sentiment about the economy, Russia’s war against Ukraine, and even hurricane season — always a threat to disrupt refineries along the Gulf Coast — make predictions uncertain. “The market is going to start pricing that in, and refiners are not going to be getting this cheap oil from the reserve,” Flynn said. “The odds are we’ll see a significant price spike of oil come winter.”
The company’s seven trucks burn through about $20,000 in gasoline a month, and the drop in gas prices this summer provided only limited relief. “It creates uncertainty as to how you’re bidding in the future ... a lot of government contracts are three to five years,” said DeGennaro, whose company has a fleet of about 300 trucks.
Besides releasing oil from the strategic reserve, Biden pressed other oil-producing countries to boost output, and he clashed with oil company executives after accusing them of making unseemly profits while Americans struggled with high pump prices.
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