What was the price of gasoline in 2008?

What was the price of gasoline in 2008?

Supporting Information

Year Retail Gasoline Price (Current dollars/gallon) Retail Gasoline Price (Constant 2015 dollars/gallon)
2007 2.80 3.16
2008 3.27 3.61
2009 2.35 2.58
2010 2.79 3.02

Why was gas price so high in 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 gas during the 2008 recession?

In nominal terms, today’s gas prices are far higher. According to travel website AAA, the current national average price of regular unleaded is $4.72 per gallon. Back in the summer of 2008, right before the financial crisis sent the economy into a deep recession, prices peaked at $4.11.

Why did gas prices go up in 2011?

On March 7, 2011, the average price of gas having reached $3.57, individuals were making changes in their driving. The weakened U.S. Dollar resulted in a spike to $112/barrel with the national average of $3.74/gallon – with expectations of damaging the U.S. economy suggestive of a long-term recession.

What is the highest US gas price ever?

WASHINGTON (7News) — The pain at the pump continues to tick upward as the national average price of gas surpassed the $5 mark for the first time on Thursday, according to GasBuddy.com.

What was the highest gas price in the United States?

Prices are generally highest in the West, with gas at $5.54 in Washington and Oregon, $5.31 in Arizona, and more than $5.50 on average in Alaska and Hawaii. Only one state east of the Rockies has an average gas price above $5.30 a gallon: Illinois, where the average price is $5.56.

Why were oil prices so high in 2008?

The spike in oil prices in July 2008 came at the tail end of a decade-long energy crisis. Surging demand from developing economies, stagnant production, financial speculation, and tension in the Middle East caused oil and gas prices to steadily climb over the 2000s.

What was the lowest gas price in US history?

Gas prices fell substantially from 1997 to 1998, dropping from an average of $1.23 per gallon to just $1.06 per gallon, the lowest since the government began tracking gasoline prices.

What will oil prices be in 2021?

(13 May 2021) Brent crude oil prices will average $62.26 per barrel in 2021 and $60.74 per barrel in 2022 according to the forecast in the most recent Short-Term Energy Outlook from the US Energy Information Administration (EIA).

What state has the highest gas tax?

The five states with the highest gas taxes are:

  • Pennsylvania ($0.586)
  • California ($0.533)
  • Washington ($0.519952)
  • New Jersey ($0.414)
  • New York ($0.4045)

What is the highest gas price in America?

What happened to the economy in 2008?

The decline in overall economic activity was modest at first, but it steepened sharply in the fall of 2008 as stresses in financial markets reached their climax. From peak to trough, US gross domestic product fell by 4.3 percent, making this the deepest recession since World War II.

What is the highest gas price in US history?

If only life were like that. As it stands, the average price for a gallon of gasoline in the United States right now is $4.865, according to AAA. That’s a new all-time high not only on a national level but in all 50 states. The new high eclipses the previous record of $4.103 set in 2008.

What year did gas go over a dollar?

To be fair it did go back down slightly in the late 1980’s, but after that, a dollar a gallon gas was just a fond memory. Even the next ten years remained fairly stable, with gas bouncing between about $1.10 to $1.25 per gallon through the nineties. In the year 2000 gas began its truly meteoric rise.