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Gas prices today are not cheap – but they are miles away from that point. Of course, gas prices were cheaper during the Covid-19 pandemic because demand was severely low. In part because they are so visible, gas prices play a key psychological role in how people feel about the economy. “But there is more work to be done — the President remains committed to lowering prices at the pump for Americans and maintaining a stable and secure energy supply.”Real gas prices are cheaper than in 2018Many people may wish for the $2 gas prices of last decade. “Inventories are likely headed back to normal levels, which will keep gasoline prices lower throughout the summer driving season.
Persons: New York CNN —, , Patrick De Haan, it’s, “ We’ve, De Haan, Joe Biden’s, Mark Zandi, Angelo Fernández Hernández, That’s, , Rob Thummel, ” Thummel Organizations: New, New York CNN, AAA, Labor Statistics, Federal Reserve, White, Moody’s Analytics, , CNN, Covid, US Energy Information Administration, White House Locations: New York, California, Utah, Washington, Idaho, Arizona, Wisconsin, Nevada, United States, OPEC, Ukraine, Israel, Gaza
Gas prices have surged to four-month highs. Don’t panic
  + stars: | 2024-03-11 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
A gas price spike might be the last thing President Joe Biden needs to convince skeptical voters about his economic agenda. But experts say there is no reason to panic about gas prices, at least not yet. Gas prices always rise at this time of the year. Of course, there’s always the potential for unexpected events that could spike gas prices. If anything, De Haan said the earlier-than-expected jump in gas prices this year could cause prices to peak sooner than usual.
Persons: it’s, That’s, Joe Biden, Bespoke’s Paul Hickey, ” Hickey, , , Patrick De Haan, Andy Lipow, Lipow, there’s, GasBuddy’s De Haan, De Haan Organizations: New, New York CNN, AAA, Federal, Investment, CNN, Whiting, BP Locations: New York, Indiana —, Michigan, Illinois, OPEC, Saudi Arabia, Russia, Saudi Aramco, Ukraine
Don’t look now but gas prices are rising fast
  + stars: | 2024-02-16 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
Gas prices always rise as winter winds down because demand increases and gas stations must switch over to more expensive summer fuel. No matter the cause, rising gas prices are bad news for consumers already frustrated by the cost of living. And they undercut the election year message of a White House that previously pointed to cheap gas prices as evidence that Bidenomics is working. First, oil prices — the main driver of retail gas prices — tend to increase during this time of the year. For instance, without the usual backstop, last summer’s historic heatwave that knocked some refineries offline unexpectedly lifted gas prices across the country.
Persons: New York CNN —, , Patrick De Haan, doesn’t, De Haan, That’s, Andy Lipow, It’s, BP’s Whiting, Whiting, Lipow, ” Lipow Organizations: New, New York CNN, AAA, , Lipow Oil Associates, , BP, heatwave Locations: New York, Washington, Southern California, Indiana, Midwest, Ohio, Illinois, Colorado , Utah, Arizona, New Mexico, Colorado, That’s, Israel, Iran, Saudi Arabia
Thanksgiving gas prices set to be the cheapest since 2020
  + stars: | 2023-11-17 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
Just in time for the Thanksgiving holiday travel rush, gas prices are tumbling fast. This exceeds the typical seasonal drop in gas prices during the fall and leaves the national average at a 10-month low. If prices stay near current levels, this would be the cheapest gas price on Thanksgiving Day since 2020 when Covid-19 caused many Americans to stay off the roads altogether. GasBuddy projects the national average will slide to $3.25 a gallon or lower by Thanksgiving Day, marking the lowest priced Thanksgiving Day for fuel prices in three years. By comparison, gas prices stood at $3.57 a gallon on last year’s holiday following a year of notoriously high prices.
Persons: didn’t, GasBuddy, , Patrick De Haan, De Haan, ” De Haan Organizations: New, New York CNN, AAA, Labor, RBC Capital Markets, RBC, Federal Reserve, Drivers Locations: New York, Covid, China, Saudi Arabia, Israel
Fourth of July gas prices take almost unprecedented plunge
  + stars: | 2023-06-30 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. Although pump prices have retreated from last year’s record highs, gas prices were cheaper in the summer of 2021 and certainly in 2020 when Covid-19 shut down large swaths of the economy. Pump prices plunge in Ohio, CaliforniaStill, over the past 12 months, gas prices are down in all 50 states, according to AAA. Washington recently replaced California with the unwanted distinction of having America’s most expensive gas prices. Why gas prices are downThe tumble in gas prices is an undeniable positive for consumers.
Persons: John LaForge, , Patrick De Haan, De Haan, , ” Wells Fargo’s LaForge, LaForge, Wagner, Vladimir Putin’s, GasBuddy’s De Haan Organizations: New, New York CNN, AAA, That’s, US Energy Information Administration, Wells, Investment Institute, Drivers Locations: New York, Covid, Ohio , California, Indiana, Ohio, California, Illinois, Washington, Ukraine, Russia
Drivers across the country will be greeted by gas prices much cheaper than a year ago. That’s up from wintertime lows — but down by more than $1 from the year-ago average of $4.60, which was also the national average on the Friday before last Memorial Day. So, today’s gas prices are not cheap historically. The central factor is that oil prices, which are the main driver of retail gas prices, are down. For now, gas prices are much lower than a year ago, contributing to easing inflation across the economy.
Gas is almost $1 cheaper than a year ago
  + stars: | 2023-05-15 | by ( Matt Egan | ) edition.cnn.com   time to read: +3 min
But gas prices are miles away from last summer’s nightmare. At this point last year, gas prices were racing toward $5 a gallon, angering Americans, alarming central bankers and threatening the entire economy. Gas is not cheapTo be sure, gas prices are not nearly as cheap as back in 2020 when the national average crashed below $2 a gallon. Looking ahead, gas prices will probably remain far away from last summer’s peak. “If we return to economic prosperity, we’re going to return to the same gas price explosion as last year.”
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