In California, gas prices are rapidly approaching $6 a gallon.
Nationally, gas prices remain well below the record of $5.02 set last June.
Still, US gas prices climbed this week to $3.88 a gallon, the highest level of the entire year, according to AAA.
Boosted by those two nations’ aggressive supply cuts, US oil prices climbed to as high as $93.74 a barrel on Tuesday.
And this recent rise in gas prices is causing headaches for some in Washington.
Persons:
it’s, That’s, Pain, Joe Biden’s, Jerome Powell, Powell, ” Nicholas Colas, Colas, “, ”, Joe Brusuelas, Andy Lipow, Lipow, Russia don’t, Brent, Goldman Sachs, Vincent Reinhart, RSM’s, Reinhart, ’, Morgan Stanley, Kristina Hooper
Organizations:
New York CNN, —, AAA, Brent, Federal, DataTrek Research, RSM, Lipow Oil Associates, Rockies, Citigroup, Fed, Mellon
Locations:
United States, West Coast, In California, Los Angeles, Long Beach, California, Washington and Nevada, Saudi Arabia, Russia, It’s, Washington, OPEC