What is the average gas prices

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The information on this site does not modify any insurance policy terms in any way. Gas prices have actually decreased overall in the last 10 years, although Americans are now seeing a significant increase compared to Numerous factors impact the price drivers pay at the pump, including the cost of crude oil, taxes, distribution and refining. Gas prices also depend on the ZIP code you fill up in, with states in the West paying the highest gas prices on average and Southeastern states paying the lowest.

The key takeaways regarding how much drivers are currently paying in gas prices include:. Gas prices impact personal budgets and finances for all drivers. As the cost of gas increases, it could mean having less money to spend on other necessities, such as food and housing.

Higher gas costs may cause people to hold off on filling up their vehicles, which can cause vehicle damage and increase the chance of being stranded. Filling up at appropriate times with the right fuel is as important to vehicle ownership as carrying adequate auto insurance and keeping up with maintenance.

Gas prices within the last 10 years highlight how volatile the market can be. The table below highlights the average price per gallon for regular grade fuel by year. Fluctuations in gas prices are a normal trend around the globe and there are numerous events that may cause further increases or decreases in prices.

Gas prices are tied to supply and demand, which is why average gas prices by year can change dramatically. As demand for gas increases, the price of gas typically increases with it. In , Americans experienced the reverse end of the spectrum. There was less demand for gas due to many countries imposing lockdowns and limiting travel due to COVID In April , gasoline demand in the United States was half of what it was in April One year on, the price of gasoline has reached its highest level in Differences in fuel grades Fuel grades at U.

Higher grade fuels have higher octane levels, meaning that the fuel can be compressed more in the engine. This enables high-performance engines to create more power. Fuel may also vary from state to state and pump to pump. Some cities also have regulations on gasoline in order to improve air quality.

Bio-ethanol is added to gasoline in some cases to meet the renewable fuel standard. The content of bio-ethanol is not regulated but can be around 10 percent. You need a Single Account for unlimited access. Full access to 1m statistics Incl. Single Account.

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