US Gas Prices Are Just Pennies Away From An All-Time High
Gas prices continued to climb Monday, rising to just short of a record high. At their skyrocketing pace, the price per gallon record of $4.11 will probably be broken in just a day or two.
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Gas prices continued to climb Monday, rising to just short of a record high. At their skyrocketing pace, the price per gallon record of $4.11 will probably be broken in just a day or two.
The pain at the pump continues as people shell out more and more money at gas stations, and it's impacting local businesses that rely on delivery drivers.
At her student transportation business in Watauga, Rushelle Wetzel said the fuel cost for her 19 large vans climbed from about $1,300 to more than $2,000 in just a week.
With crude oil prices hitting an 11-year high, no crystal ball needed to predict what's next: higher prices at the pump.
The energy market has been volatile in recent weeks due to the war between Russia and Ukraine, causing uncertainty about Russia's large crude oil supplies.
Russia's invasion of Ukraine has sent oil futures above $100 a barrel and will probably bring $4-a-gallon gasoline to much of the US. But it won't be a major drag on American economic growth.
Recent developments in the conflict between Russia and Ukraine have future oil prices soaring to around $100 a barrel – the highest since 2014.
According to AAA Texas, the gas price average in the state is $3.22 for a gallon of regular unleaded fuel.
The statewide gas price average is $3.00 for a gallon of regular unleaded fuel. That price is four cents more than from this day last week.
According to AAA, the statewide gas price average in Texas is $2.96 for a gallon of regular unleaded fuel.
If Omicron doesn't result in another round of widespread lockdowns, some experts say Americans can expect to see gas prices nearing $4 a gallon in dozens of states.
The statewide gas price average in Texas is $2.91 for a gallon of regular unleaded. That price is two cents more than it was on this day last week.
Gasoline prices have drifted downward over the past few days as concerns of an omicron-driven economic slowdown continue.
One forecast projects prices at the pump will peak nationally at a monthly average of $3.79 in May, before finally retreating below current levels by late 2022.
"Prices may continue to slide as the market continues to assess the latest possible economic impact of the omicron variant," said AAA Texas spokesperson Daniel Armbruster.
The statewide gas price average for a gallon of regular unleaded is $2.91. That price is two cents less than last week and $1.01 more per gallon compared to last year.
Prices at the pump have finally started to creep lower, and according to new government forecasts the trend should speed up significantly in the coming months.
Slight downward movement for the average U.S. price of regular-grade gasoline. Prices fell 2 cents over the past two weeks.
AAA said Thursday that a decrease in demand is leading to a drop in gas prices as crude oil prices also tumble.
"We consume 20 million barrels per day so basically he's (President Biden is)talking about reducing 2 1/2 days worth of supply," economist Bernard Weinstein said.
The average gas price in Texas is $3.00 for a gallon of regular unleaded. That price is five cents less than on this day last week and $1.21 more per gallon compared to last year.
A White House official confirmed to CBS News that President Joe Biden will announce on Tuesday a plan to release 50 million barrels of oil from the U.S.' emergency stockpile.
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AAA Texas, the statewide gas price average in Texas is $3.03 a gallon for regular unleaded. That price is four cents less than on this day last week and $1.23 more compared to this time last year.
The current fuel rates per gallon statewide are hovering above $3.00.
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