At the beginning of 2022, the cost of gas rose dramatically due to the disruption of global energy markets caused by the war in Ukraine. As a result of the conflict, the United States, the European Union, and several other countries imposed sanctions on Russian energy resources. Currently, the national average price for one gallon of gas stands at $3.39, a decrease from $3.70 observed a year ago.
Average fuel prices per gallon edge lower in the week ended Nov. 13: Diesel dips to $4.29 and gasoline to $3.35 https://t.co/zAErxzmTwQ pic.twitter.com/Jl0EaEOdX3
— St. Louis Fed (@stlouisfed) November 14, 2023
GasBuddy, a website dedicated to helping drivers find the best deals on gas in their area, estimates that the average price of a gallon will be around $3.25 during Thanksgiving week. During the 2022 holiday season, driving was the most common mode of transportation due to falling prices.
The decrease in gas prices can be attributed to a few different reasons. One of the main factors is the cost of crude oil, which often has a big impact on gasoline prices. Even though OPEC has cut production, concerns about a decrease in demand for crude oil have caused the price to fall for three consecutive weeks.
The price of gasoline is directly affected by the mechanics of supply and demand. Data from GasBuddy shows that US gasoline demand was down by 9.0% compared to last Wednesday and down by 5.6% compared to the average of the last four...
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