"Rising Oil Prices Drive Gas Prices to Highest Level in 2023, Raising Inflation Concerns"

Gas prices in the US have reached a 2023 high, raising concerns about a potential uptick in inflation. The national average for a gallon of gas is now $3.82, up $0.29 from a month ago, driven by a 15% rally in US crude prices in July. The price of oil, which is often inversely correlated to the dollar and long-term Treasury yields, has been kept elevated due to supply concerns. Saudi Arabia has announced an extension of its unilateral production cut of 1 million barrels of oil per day through September to maintain price stability. Extreme heat and unscheduled refinery outages have also impacted gasoline supply, with the potential for further disruptions if the US experiences a major hurricane this season.