Updated Aug. 24, 2018 12:50pm EDT The price of a single barrel of gasoline rose 4 cents on Friday to $1.13.
That’s up 5 cents from Friday, and is the best-performing price since Feb. 5, 2017, according to a Bloomberg BNA/Markit gauge.
That is the highest price since Jan. 30, 2018, when gasoline jumped 6 cents to $2.29.
The price of gasoline is the main reason the gasoline futures market has continued to rally since the U.S. Labor Department released a report on Wednesday showing gasoline stockpiles fell 1.9 billion barrels.
Gasoline is a key ingredient in the fuel used in cars, trucks and planes.
Gas stations, refiners and consumers will be paying higher prices as the supply of oil declines, according the U-S.
Energy Information Administration.
Gasoline prices are set to fall again, when the U of S Energy Information Agency releases its quarterly fuel supply data.
Gas prices are expected to be the biggest factor on the S&P 500’s index, which tracks more than 300 stock indices, which have climbed more than 3% over the past three months.
Gas price moves have a big impact on consumer spending, and that is expected to continue as a result of lower gasoline prices.
Gas prices are a significant factor in the broader U.s. economy, which is now growing at a slower rate than the economy as a whole, according a recent report from the Federal Reserve.
The report said the economy is expanding at a “moderate pace” but has slowed in recent months.