This figure reflects not just salaries and wages but also government payments, then adjusts that amount for taxes paid. To put today’s price in context, we looked at the trends for annual gasoline prices since 1992, which is as far back as the government’s data set goes. During that period, the single-week high was just over $4 a gallon in 2008, while the low was 93 cents a gallon in 1999.

1. While 2022 is the year of expensive gas, 2020 is host to all 10 of the cheapest gas prices since 2018.
2. Most major gas station chains, including Exxon, Shell and Circle K, have rewards programs.
3. Between his first and seventh year, the average annual price of gasoline doubled.
4. I did find plenty of fairly recent bestsellers, some big names and several others that I thought just looked good (because at that price, you can afford to take a risk).

Crude oil is the most significant factor affecting the direction of gas prices. This type of oil is easy to alpari review refine because it contains very few impurities. In 2014, the gas price was at its peak at a rate of $3.62 per gallon. Compared to the previous years, in 2019, gas stations charged $2.6 USD per gallon. However, in 2020,  the price was 2.17, which means the price went down by a total of 17%.

Why Gas Prices Are So High

She has a background in business education and a master’s degree in international communication studies. Forms EIA uses to collect energy data including descriptions, links to survey instructions, and additional information. State energy information, including overviews, rankings, data, and analyses. Reserves, production, prices, employment and productivity, distribution, stocks, imports and exports.

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Typically, gas costs less during the winter months when drivers are less likely to be on the road. Similarly, prices tend to rise during the spring and summer months when more drivers are on the road. This is 0.24 more per gallon than the average price of regular gas. In a Gas Buddy study, 19 states had the highest gas prices at the end of the work week. People drive more during warmer weather, so the currency prediction demand is higher.

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Gas is also cheaper for refiners because they don’t have to worry about evaporation. The national How to buy hbar average state tax for gasoline is 31.67 cents per gallon. The highest average gas price was $3.64 in 2012, which is 167% more expensive than a decade earlier. Moreover, the gas price probably rises in the peak summer and spring because it’s the travel season, and the gas is more likely to evaporate. On the other hand, in winter, the prices are comparatively low. Now that you know when and why gas prices increase, you should always be prepared for sudden price fluxes.

Also in U.S. energy facts explained

When crude oil prices increase, as was the case in 2008, gasoline prices increase as well. The price of a barrel of crude oil depends primarily on supply in the market. When major oil producers create more supply, the price of crude tends to drop.

But the continued rise of U.S. oil production made this difficult. While they were able to boost prices somewhat, the power they had to boost prices a decade earlier had diminished. President Bush took over during the early 2000s recession, which was caused in part by the dot-com bust.