After spiking to a record high of $4.58 per gallon in June, gas prices fell to around the $3 per gallon range. In some areas, it even fell below that line.

But now, the economic situation in the United States is leading to price hikes again. The price per gallon is already up more than a quarter from where it was last week, and there is no sign that it's going back down.

As of Monday,  the average price per gallon in Lafayette Parish was $3.32, up from about $3.08 a week ago. That's a 7 percent increase, and it's not looking like it will be getting any better anytime soon.

attachment-Lafayette Gas Prices 10-10-22
Gas prices for Lafayette, Louisiana, on October 10, 2022, courtesy AAA.

GasBuddy, which analyzes data on gas prices from around the country, noted that a large part of the problem stems from the decision by the oil-producing nations known as OPEC+ to cut production of oil by 2 million barrels a day.

“With OPEC+ deciding to cut oil production by two million barrels a day, we’ve seen oil prices surge 20%, which is the primary factor in the national average rising for the third straight week,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in a news release from the site. “Some of the refinery snags that have caused prices to surge in the West and Great Lakes appear to be improving, with prices in those two regions likely to inch down, even with OPEC’s decision, as the drop in wholesale prices has offset the rise due to the production cut."

"But, he added, "where gas prices didn’t jump because of refinery issues, they will rise a total of 10-30 cents due to oil’s rise, and some areas are certainly seeing the jump already. For now, I don’t expect much improvement in prices for most of the country, with California and the Great Lakes as the exception, with downdrafts likely in the days and weeks ahead.

The rise in prices is affecting consumers at a time when economic uncertainty is still at an all-time high. Inflation and supply chain concerns still worry families, despite more positive numbers from recent jobs reports.

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