Gas prices just saw their biggest one-day increase in a year

Gas prices just saw their biggest one-day increase in a year

New York CNN — The monthslong calm in gas prices is over.

The national average price for a gallon of regular gasoline surged by 4 cents on Tuesday to $3.64, according to AAA.

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.

The unwelcome shift higher in pump prices follows a jump in oil prices, which have climbed to three-month highs as part of a broader rally in commodities. Wheat and corn prices have rallied after Russian attacks on port infrastructure in Ukraine.

The timing is tricky.

Cooling inflation, driven in part by easing gas prices, has raised hopes that the United States can avoid a recession. Investors are betting the Federal Reserve will soon be able to wrap up its inflation fight. And consumers have been feeling better, with consumer confidence hitting a two-year high in July.

A return of higher food