Gas Prices Aren’t That High

By Best in Moderation



Yeah, I know, we’re all panicking over gas prices right now. But really, we shouldn’t be. They’re not even close to how high they’ve been even recently.

I took the average national gas price from each month for the last 22 years, and I looked up the inflation rate per year on the US dollar. Based on that, I created a table that listed each month’s average gas price per year:

Gas Prices Aren’t That High

You’ll note that the average gas prices were really high in the late 2000s and the early 2010s. This aligns well with the economic crises of the times. Preceding the crises was a steady escalation of gas prices. But even when it does escalate, it’s not always at the same rate. Just look at 2008, for example. Prices shifted dramatically that year from month to month, as we observed the extent of the economic crisis.

So seeing the prices escalate now, why do I think we shouldn’t be worried? Well, for one we’re nearly OUT of the latest crisis, with supply chains being restored worldwide and economies getting back on their feet. The markets are good, and the prospects aren’t negative in future casting. We’re not likely to see peaks like in 2008 as we control our oil flow and prices globally stay relatively low. As more and more people move away from relying on oil, the prices will stay relatively stable. It probably won’t go down to less than $2 again, but that price was artificially low anyway. In 2020 prices dropped far lower, and now we’re seeing a swing correction.

Even looking at yearly averages, it's not really a huge spike:




Again my advice? Don’t panic. We’re doing ok.

Sources:

  • My Excel
  • https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m
  • https://www.usinflationcalculator.com/

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