The average price of a gallon of gas is up 4% over the last two weeks, but is still down 26% from June’s all-time high.
Gas is still significantly less expensive than it was earlier this year thanks to an unprecedentedof falling prices, down 26% from its June high of $5.14 after energy prices exploded in the wake of Russia’s invasion of Ukraine.
Gas is most expensive in California, where gas is $6.36 gallon—a whopping 68-cent increase over the last week—while Nevada , Oregon , Washington , Alaska and Hawaii are the only other states over $5. Gas remains the cheapest in the Southeast, and the cheapest gas can be found in Mississippi , Texas , Louisiana and Georgia .The average price for a gallon of gas is 19% higher Saturday than it was a year ago, according to AAA. Gas prices skyrocketed between March and June as the cost of crude oil spiked in response to the war of Ukraine, quickly surging past its prior record high of $4.11 in 2008. Soaring prices at the pump contributed to inflation hitting its highest level in the U.S.
since March 2020. Several other factors contributing to historic inflation have cooled recently, with the cost of lumber and shipping down more than 70% from their respective peaks earlier in the pandemic.
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