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.
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