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In the United States, price increases for gasoline, food, and housing drove inflation in 2021. [136] Higher energy costs caused the inflation to rise further in 2022, [ 137 ] peaking at 9.1%, a high not seen since 1981. [ 1 ]
While prices have come down since the peak in June, prices were beginning to tick up again. Gas prices hit $3.79 a gallon the week of September 29, 2022, up from $3.73 on September 23, 2022 — an increase of $0.06 per gallon over the last week. [14] Since October 10, 2022, the price of gasoline has gone down again.
The price of gas was $3.03, the highest for Memorial Day since 2014. [ 49 ] Although countries increased oil production in May, demand forecasts were high and on June 8 WTI closed above $70, with Brent at $72.22, the highest since May 2019. [ 50 ]
Gas prices tick lower. From AAA : “The national average for a gallon of gas is now less than a dime away from dipping below $3 for the first time since May of 2021.
According to AAA, the national average gas prices on Tuesday came in at $3.01 for regular gas, $3.49 for mid-grade, $3.84 for premium, $3.51 for diesel and $2.42 for E85. AAA keeps track of gas ...
Natural gas prices in Europe reached their highest point in September 2022 at a multiple of roughly 25 compared to two years prior. While gas prices are currently falling quickly on the spot market, the cost to distribute gas in the coming year will still be close to €150 per MWh, or a multiple of about seven. [93] [95] [96]
The US economy grew 2.8% in the third quarter, driven by continued strong consumer spending; consumer confidence soared to its highest reading since March 2021; and gas prices, a pain point for ...
The price of crude was on the rise since June 2021, after a statement by a top US diplomat that even with a nuclear deal with Iran, hundreds of economic sanctions would remain in place. [119] Since September 2021, Europe's energy crisis has been worsening, driven by high crude prices and a scarcity of Russian gas on the continent. [120]