Gas prices | The bank rate

0

The current national average price of regular gasoline is $ 3.19 per gallon, which is an increase of about a dollar from 2020 prices. Although the higher price of gasoline is being felt in Every driver’s wallet, it can be comforting to know that current prices still haven’t reached the levels seen in 2008, which, at one point, cost drivers $ 4.11 a gallon. Gas prices have actually declined overall over the past 10 years, although Americans are now seeing a significant increase from 2020.

Numerous factors affect the price drivers pay at the pump, including the cost of crude oil, taxes, distribution and refining. Gas prices also depend on the zip code you fill in, with the western states paying the highest gas prices on average and the southeastern states the lowest.

Main statistics on gas prices

Key takeaways from how much drivers are currently paying gas price understand:

  • The current national average cost of gas is $ 3.19.
  • The average cost of gasoline has increased 44% over the past year, from $ 2.21.
  • The highest average price recorded for regular gasoline was $ 4.11 in July 2008.
  • California currently maintains the place for the state with the highest average price of gas, with regular prices averaging $ 4.39 per gallon.
  • Current gas prices are now at their highest level in seven years, largely due to the impact of Hurricanes Ida and Nicholas.

Why the price of gas matters

Gas prices have an impact on the personal budgets and finances of all drivers. As the cost of gasoline rises, it could mean having less money to spend on other necessities, such as food and shelter. On the other hand, when gasoline prices drop, it can free up money in drivers’ budgets to spend on premium gasoline, if a vehicle needs it. While drivers can take steps to manage the amount of gasoline consumed by their vehicle, gasoline prices are largely beyond the driver’s control.

Higher gasoline costs can cause people to delay filling their vehicles, which can cause vehicle damage and increase the chances of being blocked. Refueling at the right time with the right fuel is as important to owning a vehicle as having the right auto insurance and keeping track of maintenance.

Gas price per year

Gas prices over the past 10 years show just how volatile the market can be. The table below highlights the average price per gallon for regular grade fuel by year. Compared to 2011, gasoline prices fell from $ 3.52 per gallon for regular fuel to $ 3.19, but current prices have increased significantly since 2020.

Year Average price per gallon (normal level)
2011 $ 3.52
2012 $ 3.62
2013 $ 3.51
2014 $ 3.36
2015 $ 2.43
2016 $ 2.14
2017 $ 2.42
2018 $ 2.72
2019 $ 2.60
2020 $ 2.17
* 2021 $ 3.19

* 2021 price from AAA

Historical gas prices and trends

Fluctuations in gas prices are a normal trend around the world and many events can cause other price increases or decreases. Gas prices are linked to supply and demand, which is why the average gas prices per year can change dramatically. As the demand for gas increases, the price of gas generally increases with it.

In 2020, Americans have experienced the reverse of the spectrum. There was less gas demand due to many countries imposing closures and restricting travel due to COVID-19. As a result, the gas supply unexpectedly increased with lower demand, which lowered the average price of gas.

Historical gas prices also show how cost changes can occur whenever there is a disruption in the supply chain, such as a fire or damage to a refinery. These events negatively affect the price of gas. For example, in 2008, when gas prices were at their highest, the cause was due to a combination of unprecedented demand from China, the Middle East and Latin America, as well as uncertainty in the supply chain, all of which put cost pressure on paid drivers. The fluctuation in gas prices over the past decade shows how vulnerable prices are to changes in supply, demand, disruption and weather conditions.

Gas price by state

The gas price chart below illustrates how the cost of gas can vary from state to state. California, Hawaii and Nevada take the top spots for the most expensive gas prices today. The cheapest regular gas prices are found in Oklahoma, Mississippi, and Texas.

The Southeastern states and parts of the Midwest, except Florida and Georgia, pay the lowest amounts in the country. Western states, including Alaska and Hawaii, pay the highest gas prices. In some cases, drivers pay $ 1.20 more per gallon than the national average, such as in California.

State Current average regular gasoline price per gallon
Alabama $ 2.87
Alaska $ 3.69
Arizona $ 3.15
Arkansas $ 2.85
California $ 4.39
Colorado $ 3.56
Connecticut $ 3.21
Delaware $ 3.07
CC $ 3.28
Florida $ 3.10
Georgia $ 2.99
Hawaii $ 4.07
Idaho $ 3.75
Illinois $ 3.40
Indiana $ 3.14
Iowa $ 3.00
Kansas $ 2.92
Kentucky $ 2.95
Louisiana $ 2.90
Maine $ 3.12
Maryland $ 3.09
Massachusetts $ 3.10
Michigan $ 3.21
Minnesota $ 3.03
Mississippi $ 2.82
Missouri $ 2.85
Montana $ 3.33
Nebraska $ 3.03
Nevada $ 3.92
New Hampshire $ 3.04
New Jersey $ 3.22
New Mexico $ 3.12
new York $ 3.28
North Carolina $ 2.96
North Dakota $ 3.08
Ohio $ 3.04
Oklahoma $ 2.86
Oregon $ 3.74
Pennsylvania $ 3.34
Rhode Island $ 3.34
Caroline from the south $ 2.90
South Dakota $ 3.16
Tennessee $ 2.90
Texas $ 2.82
Utah $ 3.73
Vermont $ 3.13
Virginia $ 2.99
Washington $ 3.86
West Virginia $ 3.08
Wisconsin $ 3.03
Wyoming $ 3.54

Gas price per season

Seasonal weather is another factor that affects the price drivers pay at the pump. Over the past 10 years, the cheapest months for gas prices have been November, December and January. The most expensive months were May, June and July. Since gas prices are linked to supply and demand, it makes sense for prices to be higher during the summer months when demand is higher. Higher prices could also result from weather-related events, such as hurricanes, which can disrupt and put additional pressure on demand.

Month Average gas price over the last 10 years Percentage above or below the average price of gas
January $ 2.77 -5.5%
February $ 2.83 -3.6%
March $ 2.96 0.9%
April $ 3.02 2.8%
May $ 3.07 4.8%
June $ 3.05 4.1%
July $ 3.02 3.0%
August $ 3.01 2.5%
September $ 3.01 2.5%
October $ 2.93 -0.2%
November $ 2.81 -4.1%
December $ 2.72 -7.3%

How to save gas

When it comes to gas prices, volatility and market fluctuations are beyond the reach of drivers. However, there are steps you can take to conserve the amount of gas you use and keep your monthly budget online.

  1. Choose a vehicle with greater fuel efficiency. Look for models that get the best fuel economy in their class, and if possible avoid buying an over-sized engine. The type of vehicle has a big impact on the amount of gasoline used.
  2. Avoid driving at high speed if possible. For every five mph above 50 mph, drivers essentially pay $ 0.22 more per gallon of gasoline, according to the US Department of Energy. Aggressive driving, such as speeding, braking too hard and accelerating too fast, also has an impact on the amount of fuel consumed,
  3. Combine trips for errands. Try to combine as many short trips as possible. This saves fuel by limiting travel and preventing you from having to warm up your vehicle as often.
  4. Keep heavy objects out of your vehicle. Keep a lighter load in your vehicle to help save on fuel costs. The more weight you load in your vehicle, the more gasoline you use. If you have larger items, it is recommended that you store them in your trunk rather than in a roof rack. The roof racks cause drag, which uses more gas.
  5. Maintain your vehicle. Keeping your car in top condition is another way to improve fuel efficiency. Keep your engine tuned, emissions under control, and tires inflated to the correct pressure all improve fuel consumption.


Source link

Leave A Reply

Your email address will not be published.