On Thursday, gas prices again reached a new peak, an average of $4.31 a gallon, according to AAA. The previous record was $4.10 a gallon in 2008, just before the financial crisis.
But as the economy recovered — as vaccines rolled out, making Americans feel safer about traveling and shopping — people resumed driving. With demand rising, gas prices also started to creep upwards. By March 2021, the average per-gallon price for gas stood at $2.82, an increase of 45% from its pandemic low. When demand for gas and oil plunged during the pandemic, OPEC and oil-producing nations such as Russia, slashing it by an unprecedented 10 million barrels.
Meanwhile, U.S. producers said they are boosting production, but warned that supplies could take a while to trickle through to the market and move prices at the pump, PoliticoAgainst that backdrop of steadily rising prices, Russia's war in Ukraine has caused a rapid spike in gas prices. President Biden on Tuesday , taking aim at Russia's main revenue source amid the conflict.
But where the price of gas goes from here depends on a number of factors, such as whether the U.S. makes aIt's also important to remember that when adjusted for inflation, today's fuel prices are still below their peak in 2008, he noted. In today's dollars, the price was closer to $5.25 a gallon. De Haan believes that most consumers won't cut back on driving until prices reach that $5 per gallon mark.
"Inflation will accelerate in March and April as the knock-on effects of the Russia-Ukraine war push prices even higher at supermarkets, gas pumps and on utility bills," Adams said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PepsiCo suspends sales of Pepsi, 7Up in Russia, donates $4 million to help refugeesThe company said it will suspend sales of Pepsi-Cola, 7Up and Mirinda.
Read more »
Record $4 gas siphoning small businesses’ profitsFour dollars for a gallon of gas is the latest whammy to hit small businesses where it hurts -- the bottom line.
Read more »
AG Brnovich's office securing $4.8M for Arizonans abused by loan lendersAttorney General Mark Brnovich recently announced a proposed consent judgment requiring CashCall, Inc., its owner J. Paul Reddam, and a wholly-owned subsidiary WS Funding LLC to pay $4.8 million in restitution to Arizona consumers.
Read more »
Contra Costa Co. agrees to $4.5M settlement in police shooting death of Tyrell WilsonContra Costa County officials have agreed to a $4.5 million settlement in a deadly police shooting. TyrellWilson
Read more »
Robbery Suspect Arrested for Hitting 91-Year-Old NYC Man With Cane in $4 Theft on StoopA suspect who used a cane to attack a 91-year-old man sitting on his Brooklyn stoop in a robbery that only netted him $4 was arrested Wednesday evening, police said.
Read more »
Gas prices hit another U.S. record at $4.25 per gallon, up 8 cents from yesterday. What's next?Gas prices climbed again today. Here's why U.S. gas prices are at a record and why they'll likely stay high for a long time.
Read more »