New York — Prices at the pump climbed to their highest level of the year on Monday as oil prices push past $92 a barrel. Normally, gas prices cool off after the summer driving season ends on Labor Day. But the opposite has happened this year as Saudi Arabia’s and Russia’s aggressive supply cuts lift oil prices. LOCAL PUMPS: LA-area gas prices rise 52 times in 57 daysIn a negative signal for gas prices, the oil market continues to set new highs. Treasury Secretary Janet Yellen on Monday told CNBC she expects energy prices will “stabilize” and noted gas prices are off their highs from last summer.

Source: CNN September 19, 2023 16:17 UTC