Gas Prices

Categories: News | Economics | World

  • On June 6, 2009, the AAA reported that gas prices, after rising for the previous 39 days, had reached a national average of $2.606. Gas prices had not reached the level of the previous June's record of $4.086.CNN: Gas prices above $2.60

    Gas prices began to rebound in late 2008, and climbed 14% over the month of January, 2009. The average price of $1.855 per gallon was still 38% lower than January 2008.CNN: Gas prices: Up 14% for the month (January 31, 2009) Between September and December, 2008, prices had declined from historic highs established in June 2008, reaching a low of more than 37% from the spike in June.CNN Money: Gas Sinks to 3-Year Low (October 29, 2008)

  • Causes of Increasing Prices

    1. Increasing international demand for oil
    2. Decreasing availability of oil
    3. Turmoil in the Middle Eastern region
    4. Policies of The Bush Administration
    5. OPECAlterNet: Why We're Suddenly Paying Through the Nose for Gas (June 12, 2008)

  • Record Highs

    On June 30, 2008, U.S. gas prices reached a record high. According to an AAA survey, the nationwide average for gas was $4.086 per gallon.CNN Money: Oil touches record but ends lower (June 30, 2008)

  • Driving Decrease

    In May of 2008, CreditCards.com conducted a survey on the driving habits of Americans, who reported the following cutbacks:

    1. 66% reported less driving for pleasure
    2. 53% reported a decrease in driving to visit friends and family
    3. 25% reported they had cut down on driving to work

    Of the 54% of those polled who reported less driving for vacation purposes, the greatest decreases were among those earning between $30,000 and $49,000 per year.CreditCards.com: Gas prices take toll on family visits

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