In the first week of May 2020, gas prices fell below $1.80, nearly the lowest in history when adjusted for inflation. By the second week of June 2022, they peaked above $5 — a record high . It’s no secret why the price per gallon bottomed out in 2020. The pandemic turned the world’s highways into ghost roads, airports went dark and oil-thirsty factories closed their doors. The result was an unprecedented drop in demand. But what happened in 2022 that sent gas prices from $3.28 in January to $5 in June and then back to $3.65 today? Let’s check it out as part of our Year in Review . It All Started When the World Got Moving Again in 2021 Gas prices are tied to oil prices, and the pandemic simultaneously disrupted the world’s oil supply chains and choked off demand. The result was a wash. “This kept gasoline and oil prices low as neither supply nor demand outpaced each other,” said Luke Williams, a finance expert with ExpertInsuranceReviews.com . “As the nation emerged from the pandemic, demand for gasoline rose as more consumers started traveling again.” That was in the early spring of 2021, and as roads, […]
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