U.S. Gas Prices Ease Up Slightly

This article is published in collaboration with Statista

by Felix Richter

Americans are plagued by inflation in many different ways, but gas prices are certainly one of their worst headaches. The average price of one gallon of regular (all formulations) reached a new all-time high in mid-June, climbing to $5.00 for the first time ever. In the weeks since then, the U.S. gas price has let up slightly, sinking to $4.77 on average by July 4.

Over the past twelve months, gas prices have surged by more than 50 percent, leaving millions of Americans who rely on their car with unprecedented pain at the pump.

The previous record, dating back to July 2008, was first surpassed on March 14 following the Russian invasion of Ukraine. After the initial shock, prices briefly cooled, but as embargoes of Russian oil were put in place in the U.S. and later in the EU, prices started climbing again. The U.S. leadership, like the governments of other countries that are embargoing Russian energy, have been looking for alternative sources of fuel, but significant amount of surplus shipments have been hard to come by.

According to the U.S. Energy Information Administration, gas is currently most expensive in several U.S. states and cities on the West Coast, with the average price of regular gasoline hitting $6.04 in California and $6.11 in San Francisco specifically.

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