What was the cost of gas in 2008?

What was the cost of gas in 2008?

Supporting Information

Year Retail Gasoline Price (Current dollars/gallon) Retail Gasoline Price (Constant 2015 dollars/gallon)
2008 3.27 3.61
2009 2.35 2.58
2010 2.79 3.02
2011 3.53 3.75

What was the highest gas price in 2008?

July 7, 2008—Crude oil prices settled-in at a new record of $147 per barrel. The U.S. average price for regular gasoline climbs to an all-time high of $4.11 per gallon.

What was the price of gas November 2016?

Unleaded Regular, Average $US Price per Gallon

Year Jan Nov
2017 $2.86 $3.29
Year Jan Nov
2016 $2.79 $2.80
2015 $2.58 $2.85

What was the price of gas in December 2008?

Regular gasoline/gallon $1.61 ↓ .04
Diesel fuel/gallon $2.33 ↓ .04

What was the lowest gas price in 2020?

According to the U.S. Energy Information Administration (EIA), regular retail gasoline prices averaged $2.17 per gallon in the United States in 2020 — 44 cents per gallon, or 17 percent, lower than in 2019.

Why was gas expensive 2008?

In June 2008 U.S. energy secretary Samuel Bodman said that insufficient oil production, not financial speculation, was driving rising crude prices. He said that oil production had not kept pace with growing demand.

How much was a loaf of bread in 2008?

In 2008, the price of bread had increased to $1.37 per loaf and wheat prices hit $8.89 per bushel. The value of wheat in that loaf of bread was now 12.2 cents, but the value of wheat as a percentage of the entire loaf went down to 9%.

What was the average price of gas in 2020?

$2.17 per gallon
U.S. average gasoline prices and vehicle travel fell to multiyear lows in 2020. U.S. regular retail gasoline prices averaged $2.17 per gallon (gal) in 2020, 44 cents/gal (17%) lower than in 2019 and the lowest annual average since 2016.

What is the price of a gallon of gas in 2020?

Year Jan Sep
2018 2.671 2.915
2019 2.338 2.681
2020 2.636 2.274
2021 2.420

Where in the world is the cheapest gas?

Venezuela boasts the lowest cost of gasoline on our list. Citizens pay just pennies per gallon, enjoying generous subsidies from President Hugo Chavez. Like Iran and Saudi Arabia, oil-rich Venezuela has stitched affordable gas into its national fabric.

What caused the gas shortage in 2008?

At the same time, unemployment rose as companies reduced output since aggregate demand was falling. As a result, less energy was consumed and the demand for oil and gas fell in turn, putting additional pressure on its price.

When were the highest gas prices?

According the US Energy Information Administration (EIA) the highest price of gas in the US was reached during the week of July 7th 2008 at $4.11 per gallon for regular grade fuel (note this is a weekly average price).

What is the average cost of gas?

The price of gas may go up or down, but it’s always a major expense for anyone who drives a car. The average American consumer spends about $3,000 per year for gas, according to the American Automobile Association. Some of the practical ways to reduce fuel cost are listed below.

What are the gas prices in the US?

National Gas Price Average Holds Steady. The national gas price average has held steady at $2.49 for nine straight days. Many motorists across the country are seeing more expensive gas prices at most six cents on the week, while prices are cheaper for a select few states: Indiana (-10 cents), Ohio (-7 cents), Michigan (-6 cents), Kentucky (-4 cents),…

What is the average gas price in California?

In some parts of the U.S., gas is down to nearly $1 a gallon. But not in California. The average price of regular gas in California is $2.50 a gallon, or about 80 cents higher than the national average.