That marks the biggest one-day increase since June 7, 2022, according to a CNN review of AAA data. However, gas prices are much lower today than they were last summer, when they spiked above $5 a gallon. “All of a sudden, things have popped up after a long period of low prices,” said Andy Lipow, president of Lipow Oil Associates. As recently as July 4, gas prices had experienced a nearly unprecedented year-over-year decline.
And the national average remains far from the record high of $5.02 a gallon last June. Still, gas prices have increased by 8 cents over the past week. Lipow blamed two powerful forces: OPEC and Russia cutting production, and extreme heat. Since last fall, Saudi Arabia-led OPEC and Russia have announced plans to slash output by almost 5 million barrels per day through July, according to Lipow.