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It was the longest losing streak for gasoline prices since the early months of the pandemic: For 98-consecutive days this summer, American drivers experienced declining gas prices thanks in part to a slower worldwide demand for oil. Now, a cut in oil production signaled by the OPEC+ group last week has sent global crude prices higher, pushing prices back up at the pump. According to AAA, the national average price of a gallon of gas climbed to $3.92 on Monday. Prices are likely to keep going higher from here as oil prices climb, according to Patrick De Haan, chief petroleum analyst at the gas price tracking group GasBuddy.com. “With OPEC+ deciding to cut oil production by two million barrels a day, we’ve seen oil prices surge 20%, which is the primary factor in the national average rising for the third straight week,” he said in a blog post Monday. For the rest of the country, De Haan said he expects prices to rise as much as $0.30 from their September lows, which would put them at a...

VIDEO 5:55 05:55 Fed's Powell warns of 'some pain' ahead as central bank fights inflation Squawk on the Street Federal Reserve Chairman Jerome Powell delivered a stern commitment Friday to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause "some pain" to the U.S. economy. In his much-anticipated annual policy speech at Jackson Hole, Wyoming, Powell affirmed that the Fed will "use our tools forcefully" to attack inflation that is still running near its highest level in more than 40 years. Even with a series of four consecutive interest rate increases totaling 2.25 percentage points, Powell said this is "no place to stop or pause" even though benchmark rates are probably around an area considered neither stimulative nor restrictive on growth. "While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring som...