December 7, 2023

Where are Gas Prices at Right Now?

As of February 18th gas prices were as low as $2.58. However, this was before the invasion of Ukraine, where Russian invaded Ukraine that had a major escalation in the Russo-Ukrainian War that began in 2014 leading to 7.2 million people fleeing the country. After this incident gas prices hit a astonishing $5 per gallon in the middle of June.

The US stocks of gasoline has fell to 1.17 million barrels, to 214.48 million according to data released by the Energy Information Administrations.

While gas prices are high right now they are falling rapidly across American. Gas prices fell 10.6 percent in August. The prices dropped for 91 straight days with the nation average standing at $3.70 per gallon.

With gas prices being down the energy index is remaining at 23.8 percent. In correlation to the rise of gas prices is electricity, electricity prices have rose about 15.8 percent.

So why is California’s prices still going up? Land, labor, and materials are rising quickly making California one of the most expensive states to live in at the moment, with the cost of living index is at 142.2. The raw materials are very costly to purchase in order to make new buildings.

The U.S. Energy Information Administration (EIA) predicts that retail gasoline prices will average $3.60 in the end of 2022, $0.15 off from what it is today, before rising ever so slightly to $3.61 per gallon in 2023.

Gas stations and Cheap fuel prices in Kansas

  • Jumpstart ($2.89)
  • 24/7 Travel Store ($2.89)
  • Loves travel stop ($2.90)
  • Woody’s Gas Express ($2.99)
  • Dillions (2.99)
  • 7-Eleven ($2.99)
  • AAFES ($3.03)
  • Fav Trip ($3.03)
  • Sac & Fox Tradn Post ($3.07)
  • Cenex ($3.09)
US Retail Gas Price/3.805 USD/gal for Week of Sep 12 2022

Date shows October 21, 2021 gas prices were at a fair $3.36 per gallon. Then hit a whopping $5.107 in June 13th, 2022. Prices are now falling rapidly to 3.805 September and Americans are finally feeling some relief and a bit better about the economy.

Monthly change in overall consumer prices

Prices in august are now up 8.3 percent compared with the year before and 0.1 percent higher than July. However, as gas prices are falling, food prices continue to go up. Over the last year food prices have gone up 13.1% this being the largest increase since March of 1979.