US oil prices climbed above $90 a barrel on Thursday for the first time in 2023, threatening to push gasoline prices even higher and heat inflation across the economy. The rise has been driven by concerns about tight supply, with Saudi Arabia and Russia extending their aggressive supply cuts through the end of the year, as well as disruptions in Libya raising concerns. Twelve US states now average $4 per gallon or more for regular gasoline. Overall, US gas prices rose to a new weekly high of $3.86 per gallon on average as of Thursday. Higher energy prices are counteracting some of the progress made by central banks in lowering inflation, with consumer price reports this week showing price rises remained elevated in August partly due to gas costs.
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00:00 It's Benzinga and here's what's on the block.
00:02 - US oil prices climbed above $90 a barrel on Thursday
00:06 for the first time in 2023,
00:08 threatening to push gasoline prices even higher
00:10 and heat up inflation across the economy.
00:12 The rise has been driven by concerns about tight supply
00:15 with Saudi Arabia and Russia
00:16 extending their aggressive supply cuts
00:18 through the end of the year,
00:19 as well as disruptions in Libya raising concerns.
00:22 12 US states are now averaging $4 per gallon or more
00:25 for regular gasoline.
00:27 Overall US gas prices rose to a new weekly high
00:29 of $3.86 per gallon on average as of Thursday.
00:33 Higher energy prices are counteracting some of the progress
00:36 made by central banks in lowering inflation
00:38 with consumer price reports this week showing price rises
00:41 remained elevated in August, partly due to gas costs.
00:44 - For all things money, visit Benzinga.com.