PHILADELPHIA (CBS) — There’s a new record at the pump, and it’s the kind you want. Gas prices have fallen for 71 days in a row
That’s the second-longest streak in nearly 20 years.
The price hit a record high of $5.02 on June 14.
According to AAA, the national average for a gallon of regular gas has fallen every day since then.
As of Wednesday morning, the national average for regular gas is $3.88 a gallon.
Drivers in the Philly area pay more than the national average for regular gas.
The average price in southeastern Pennsylvania is currently $4.21.
In South Jersey, it’s $3.99. And in northern Delaware, it’s $3.80 a gallon.
The CBS3 staff is a group of experienced journalists who bring you content on CBSPhiladelphia.com.
The top five sources of US crude oil imports in 2021 are Canada, Mexico, Russia, Saudi Arabia, and Colombia.
Why are gas prices so high 2022?
By 2022, U.S. demand for crude oil and gasoline began to fall back to pre-pandemic levels, but production did not hold up. See the article : Vulnerable Democrats sound alarm bells over inflation crisis. OPEC countries such as Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela have been gradually increasing their oil exports until the pandemic.
What is the real reason for gas prices to be high? Some cite supply and demand, inflation, the war in Ukraine, and taxes, but AAA spokesman Robert Sinclair says there is one real reason. “Without a doubt, it’s crude oil, and crude oil is a globally priced commodity,” Sinclair said.
Are we running out of gas 2022?
EIA predicts gasoline prices will drop to an average of $4.27 per gallon in the third quarter of 2022, and diesel is expected to hit an average of $4.78 per gallon. Gasoline prices are very unpredictable, Gross warned.
What are gas prices predicted to do in 2022?
In 2022: The retail price of gasoline is expected to drop to $4. See the article : Travel July Fourth weekend can be ugly. Here are 5 ways to prepare..05 per gallon. Retail diesel prices are expected to drop to $4.73 per gallon.
What will gas prices be in 2024?
February 2024 gas price prediction: The gas price for February 2024 according to our analysis should be between $12,516 to $14. See the article : 6 Professional Crafts That Are Cheap To Dispose Of.4 and the average price of GAS should be around $13,458.
What country is gas the cheapest?
Here are the ten countries with the cheapest gas prices, based on Global Gasoline Prices:
- Venezuela. …
- Libya. …
- Iran. …
- Algeria. …
- Kuwait. …
- Angola. …
- Nigeria. …
- Turkmenistan.
Which country’s gas is the cheapest? Venezuela has the cheapest price, just $0.02 per liter, followed by Libya ($0.03) and Iran ($0.05). Among the ten cheapest countries, five are in Asia, four in Africa, and one in South America. Hong Kong has the most expensive price at $3.03, followed by Norway.
What country is gas most expensive?
Hong Kong holds the dubious honor of having the most expensive gas in the world today. The fact that consumers in other countries are paying more doesn’t take away the financial pain Americans feel as they try to balance their budgets, of course.
Where does gas cost the least?
Hawaii tops the list. Missouri has the cheapest gas.
Where is gas the most expensive in the US?
California has the most expensive gas in the nation, while Georgia has the cheapest.
What is the highest price ever for gas?
Key background. Before 2022, the highest average ever recorded by AAA was $4,114 per gallon in July 2008. Average US gas prices rose to a record high of $4.33 in March shortly after Russia invaded Ukraine, which sent crude prices soaring and threatened supplies global.
Which country has the highest fuel prices? Hong Kong has the most expensive price at $3.03, followed by Norway. Qatar is one of the 10 richest economies but has low gasoline prices below $1. Even the developed countries of the USA and Australia have prices below $1.5.
What was the highest gas price ever?
Before 2022, the highest average ever recorded by AAA was $4,114 per gallon in July 2008. Average US gas prices rose to a record high of $4.33 in March shortly after Russia invaded Ukraine, which sent crude prices soaring and threatened supplies global.
Was gas ever $4 a gallon?
US gas prices by week since 1991 Until 2022, gas prices had peaked in the US in the summer of 2008, topping $4 per gallon for regular, conventional gasoline.
