Streak of decline in U.S. gas prices ends short of 100 days

After falling consecutively every day for more than three months, the national average U.S. gas price saw an increase to $3.68 a gallon on Wednesday, according to AAA.

The recent hike ends 98 consecutive days of declining fuel prices, the second-longest streak on record since 2005. The national average gas price increased seven-tenths of one cent to $3.68 a gallon.

The last time the national average price for gasoline increased was on June 14, when it reached a record of $5.02. Since then, prices have been declining every single day. On August 12, the national average gas price fell below $4 for the first time since March.

The decline in the price has been driven by several factors, including more supply of the good and lower demand from drivers as they try to avoid using their vehicles more than needed. Additionally, the White House has released emergency oil.

However, the White House believes prices should be falling more than they have been.

"American families should be seeing more relief," said White House Spokesperson Abdullah Hasan. "Over the last month, wholesale gas prices have declined by 18% but prices at the gas station have only dropped by 6%. Oil and gas companies are making record profits and need to pass these savings on to consumers at the gas pump now. President Biden will use every tool he has to get gas prices lower and to hold oil and gas companies accountable."

According to Tom Kloza, global head of energy analysis for OPIS, gas prices will remain near their current levels in the near future. "I don't think you'll see a major move higher or lower," he said.