Why Have Florida Gas Prices Gone Up Again December 2019
Gas prices in America are averaging $3.27 per gallon of regular — over $1 more than a twelvemonth agone, and the highest they've been since 2014.
Prices at the pump are rising particularly steeply lately. A gallon of regular costs an extra $.ten or more over what it did one week agone in nine states (Kentucky, Indiana, Florida, Michigan, Alabama, Tennessee, South Carolina, Illinois and Delaware) and Washington, D.C., according to AAA. California drivers almost ever face the highest gas prices in the nation, and they're paying well over $4 a gallon right at present — an average of $iv.44, at last bank check, compared to $three.21 a yr ago.
For drivers, loftier gas prices today are non merely painful, but probably quite confusing equally well. The summer road trip season is over, and commuting is still down compared to pre-pandemic times.
That should mean that demand for gasoline remains adequately low. Indeed, demand at gas stations has fallen for the terminal two weeks, "in line with expectations for autumn," a web log post from the GasBuddy app reported on Monday. And when need is low and on the decline, prices are generally supposed to fall as well — or at least not climb.
Why are gas prices so high?
Consumer demand is ane gene that affects gas prices, but it'south hardly the only one. According to the U.S. Energy Information Administration, 52% of the retail price of gasoline is based on how much wholesale crude oil costs. The rest of the toll comes from refining the oil, plus taxes and distribution and marketing.
Crude prices are high for a diverseness of reasons, though manufacture experts say it's mainly considering OPEC+ — the Organization of Petroleum Exporting Countries, consisting of Saudi Arabia and 12 other oil-production nations, plus their allies — accept decided to keep output limited.
The White House has been pressuring OPEC+ to increment oil production, which was scaled dorsum dramatically in 2020 and still is below pre-pandemic levels. A Biden assistants official said that it has instructed oil-producing countries to "do more" to address rising crude prices, and that information technology is "using every tool at our disposal to address anti-competitive practices in U.S. and global energy markets to ensure reliable and stable energy markets," Reuters reported.
"While we need to have steps to address short-term supply bug, we need to also keep our eye on the long term and the impact of the climate — the crisis that is — we are in the eye of and ensure that nosotros are standing to encourage the production and rise of renewables and the make clean free energy industry," White Firm Printing Secretarial assistant Jen Psaki said in a recent press conference.
Last week, after OPEC+ decided it would not enhance production beyond an already agreed-upon level, oil prices striking a seven-year high. So it does not come up as a surprise that retail gas prices in the U.S. followed past hitting a vii-year high as well.
The last time gas prices were consistently this loftier in the U.S. was 2014. That year, gas prices reached their peak in June with an average of $3.77 per gallon nationally. Prices steadily decreased through the fall of 2014 into wintertime, nonetheless, which is how things usually go.
Unfortunately for drivers, 2021 is not a normal twelvemonth in many ways, and that includes gas price trends.
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Source: https://money.com/why-are-gas-prices-high-2021/
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