Why Has the Price of Gas Gone Up So Much During the Past Year?
It is not exactly a secret that the price of gas has gone up significantly during the past year. During the summer of 2022, the price of gas in the United States peaked at over $4 per gallon of regular gas, the highest it had ever been. While the price of gas can be volatile, there are a few reasons why the price of gas has gone up, broadly, during the past year. First, people started traveling again. During the pandemic, a lot of people did not travel as much as they used to, so the demand for oil and gas dropped. Second, the war in Ukraine has also played a major role. When Russia, one of the largest suppliers of oil in the world, invaded Ukraine, the rest of the world stopped importing Russian oil. This strained the rest of the global supply, causing gas prices to rise.
Which States Have the Cheapest Gas?
While gas has gotten more expensive of late, the price of gas is higher in some states than others. There are a few states that are known for having cheap gas, and most of them are concentrated in the southeast. Some of the states with the cheapest gas in the country include AR, MS, GA, TX, LA, AL, and TN. Many of these states have gas that is around $3.40 per gallon, right now, but remember that the price of gas can change quickly depending on a number of factors. Many of these states have inexpensive gas because the state government doesn't put a large tax on gas in the state.
Which States Have the Most Expensive Gas?
On the other hand, there are a few states that are also known for having very expensive gas. The two states that have the most expensive gas are HI and CA. In these states, the average price of a gallon of regular gas is close to $5.30 per gallon, but during the summer of 2022, it was not unusual to see prices over $7 per gallon. Some of the other states where gas is expensive include NV, AK, OR, WA, and ID. These states tend to have more expensive gas because of the cost of getting gas to the state or due to the taxes the state levies on gas.
How Can I Save Money on Gas?
There are a few ways you can save money on gas. First, see if there is a gas rewards card that will give you cash back when you buy gas. Second, try to consolidate your trips. If you can handle multiple errands on a single trip, you won't have to drive as many miles, helping you save gas. Finally, make sure that you keep up with your routine maintenance checks. If you keep your engine running efficiently, your gas mileage should improve, which will help you save money on the price of gas.