The nationwide average price for a gallon of regular gas hit $3.60 in 2012, according to AAA. AAA blamed hurricanes, refinery outages and tensions in the Middle East for the high prices. The third most expensive year on record was 2008, when prices averaged $3.25 a gallon.
Why was gas so high in 2011?
The average price of gasoline in the United States increased 6 cents to $3.17. On March 1, 2011, a significant drop in Libyan production and fears of more instability in other countries pushed the price of oil over $100 a barrel in New York trading, while the average price of gas reached $3.37.
Why was the price of gas so high in August 2012?
August 2012: Prices were high as a result of Hurricane Isaac, which hit the U.S. Gulf Coast region on August 28, 2012. In anticipation of the Category 1 hurricane, refineries in the area shut down production. As a result, crude oil production lost 1.3 million barrels per day.
What’s the average price of a gallon of gas?
In the last five years, the price of gas has remained steady between $2.45 and $2.75 per gallon. Gas prices are based largely on supply and demand. Typically, gas costs less during the winter months when drivers are less likely to be on the road.
How much does the average American spend on gas per year?
The price of gas may go up or down, but it’s always a major expense for most drivers. The average American driver spends about $3,000 per year for gas, according to the American Automobile Association. Some of the practical ways to reduce fuel cost are listed below. Walking or biking does not consume fuel, and as such does not accumulate fuel cost.
What was the price of gas in 2008?
2008 was also the year gasoline hit its highest one-day price ever — $4.11 per gallon in July. At the time, a red-hot global economy and fears over dwindling supplies were some of the factors that sent both gas and oil prices to their highest level ever. Related: U.S. oil prices could sink to $50.
