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“Average Historical Annual Gasoline Pump Price, 1929-2015.” Energy.Gov. “Today’s Pump Pain: Worse Than 2008 Gas Prices?” Kiplinger, 2 June 2022. We may feature it in an upcoming issue of our political newsletter, for which you can subscribe here. What’s the price of fuel near you? Take a photo of your neighborhood gas station and send it to Snopes. household would spend roughly $450 more for gas in 2022 compared to 2021, on an inflation-adjusted basis.
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Still, the EIA predicted that the average U.S. So, according to the EIA’s number-crunching, that metric was nearly half of a high in July 2008 (5.3%) and just a bit more than the average since 2015. As of early 2022, the gasoline expenditure to disposable personal income ratio is still below the high of 5.3% in July 2008 and is closer to the average ratio of 2.5% from 2015 to 2019.įurthermore, in the first quarter of 2022, the percentage of disposable income after taxes that people spent on gasoline (with inflation in the mix) averaged 2.6%, the report said. The ratio has since increased both measures ranged between 1.5% and 3.2% in 2021 and into early 2022. In 2020, gasoline expenditures briefly fell to about 1% of disposable personal income as a result of both low gasoline consumption associated with COVID-19 pandemic mitigation efforts and low gasoline prices. Since then, the share of disposable personal income allocated to gasoline expenditures has generally declined, albeit with a significant amount of volatility in the series. The share of disposable personal income allocated to gasoline expenditures reached its peak in 2008, just before the onset of the global financial crisis when oil prices were at record highs. Energy Information Administration’s (EIA) said in a May 2022 report: Here in the U.S., most existing refineries are running flat out to meet both domestic consumption and demand from Europe, which is seeking alternatives to Russian gasoline and diesel fuel in response to Moscow’s invasion of Ukraine.Īlso, changing consumer behavior is at play when calculating fuel prices’ impact on Americans. Many refineries shut down when the COVID-19 pandemic crushed global fuel demand in 2020, and few new ones are slated to open anytime soon. Oil prices are high, and refineries are struggling to keep up with global fuel demand. Keep in mind, the summer travel season is just getting underway, which means months of high gasoline demand lie ahead.
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Statewide averages in a handful of states have already surpassed that $5.40 mark, with California tallying the highest at about $6.40 per gallon, the AAA data showed. That doesn’t mean that the national average won’t break the record, inflation included, in the future.