cheapest gas prices in the country

cheapest gas prices in the country

cheapest gas prices in the country

cheapest gas prices in the country What has been the increase in the price of gas in 2022?
The cost of gasoline has soared this year due to the high rate of inflation, sanctions on Russia and some flagrant profiteering from major oil companies. cheapest gas prices in the country
The price of gasoline has been a major concern in recent months as a confluence of factors has pushed the price of fuel soaring in the United States. cheapest gas prices in the country

On Monday, 3 January 2022 AAA reported that the average cost of a gallon of gas was $3. cheapest gas prices in the country 28 after steady growth since hitting a pandemic low of $1. cheapest gas prices in the country 94 in May 2020. cheapest gas prices in the country The growth over the intervening 19 months was attributed to a gradual reopening on the economy. cheapest gas prices in the country

The return to pre-pandemic economic conditions has been the aim of much of government policy but in recent months the cost of gas has continued to grow, soaring to an all-time high of $4. cheapest gas prices in the country 33 in March 2022. cheapest gas prices in the country

The price had slowly began to fall but now appears to be on the rise again. cheapest gas prices in the country
Why is the price of gas in the US so high?
As mentioned, there is no single cause for the high cost of gasoline that Americans have been saddled with for much of 2022. cheapest gas prices in the country There are three primary factors that have contributed to make the value of the resource increase and the availability decrease. cheapest gas prices in the country

Inflation – Like almost all parts of American life, the cost of gasoline is subject to the soaring inflation that has gripped the country in recent months. cheapest gas prices in the country To aid the post-pandemic recovery authorities decided to pump additional cash into the economy (stimulus checks, for example) to encourage consumers to spend. cheapest gas prices in the country

However the sudden increase in spending power also pushed up prices, due in part to the currency being devalued. cheapest gas prices in the country This has affected everything from grocery bills to mortgages, and gasoline prices are no exception. cheapest gas prices in the country

Economic sanctions on Russia – It is no coincidence that the all-time high was recorded shortly after Russia invaded Ukraine and the United States announced a series of economic sanctions on Russian-produced oil. cheapest gas prices in the country The White House had hoped to inflict serious costs on Russia by strangling their lucrative crude oil export market. cheapest gas prices in the country

But the measure also increased the scarcity of crude oil, a key component in the manufacture of gasoline, making it more expensive to produce. cheapest gas prices in the country This cost was then passed on to consumers in the form of higher fuel prices. cheapest gas prices in the country
Profiteering – Aside from the situational context that has made gasoline more expensive to produce and sell, it is also true that major oil companies have recorded record profits in the first quarter of 2022. cheapest gas prices in the country

In the first three months of the year Exxon Mobil, Shell and many more of the world’s leading oil companies saw their profits rise by billions of dollars. cheapest gas prices in the country BP posted its highest quarterly profits in over a decade, netting $6. cheapest gas prices in the country 2 billion in the first quarter of the year. cheapest gas prices in the country During the same period in 2021 BP’s profits were $2. cheapest gas prices in the country 6 billion. cheapest gas prices in the country

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