How close are we to the record? And who's to blame?
Prices have doubled in less than two years. The average gallon of regular conventional gasoline was less than $1.70 in April 2020 due to plummeting demand caused by the pandemic.
With prices rising as fast as they are, they are very likely to hit $4 a gallon very soon, said Patrick De Haan, head of petroleum analysis at GasBuddy. But how do gas prices compare from over the years, when adjusted for inflation? But the collapse of Wall Street in fall 2008 caused a big correction to gas prices, De Haan said – and also spurred an economic recession.
Oil production was slashed in 2020 during President Donald Trump’s tenure – although that was necessary to “stop the bleeding,” De Haan said.
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