Gasoline prices dropped well below last year’s level.
As of this taping, GasBuddy reports that the lowest price for regular gas in the Valley has dropped to $2.95, below the national average of $3.22 per gallon. Gas prices have dropped in 15 out of the last 27 months, falling by $1.73 from its peak of $4.93 in June 2022.
According to the U.S. Energy Information Administration (EIA), the previous record for gas prices was established in June 2008 at $4.06 per gallon. When adjusted for inflation, this figure corresponds to $5.81 in today’s dollars, marking it the highest inflation-adjusted monthly average gas price on record. During 2008, gasoline prices surged due to oil prices reaching an all-time high of $134 per barrel, equivalent to 190 in today's dollars. However, as the Great Recession deepened, oil prices sharply declined, falling to $41 per barrel by the end of 2008. Gasoline prices followed this downward trend, dropping to $1.70 per gallon by December of that year.
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(Original air-date: 9/27/24)
