Price increase of gas on Labor Day weekend
Another gas prices increase on Labor Day weekend
In a recent article published by CNN, drivers hitting the roads this Labor Day weekend will be greeted by historically high gas prices for this time of the year.
Why are gas prices so high, the record-high for gas prices during the week leading up to Labor Day was set in 2012 at $3.84 a gallon, according to a CNN review of federal data that goes back to 1990. Why are gas prices so high on Labor day weekend? The national average for regular gas is $3.83 a gallon as of Thursday, according to AAA.
Why are gas prices so high when usually gas prices decreases as the summer winds down. Why are gas prices so high this summer? It’s said that gas prices have increased even when it’s summer. The national average of gas prices is at $3.58 a gallon on Memorial Day, the unofficial start to summer.
John LaForge, head of real asset strategy at the Wells Fargo Investment Institute asked why are gas prices so high on Labor day weekend when it supposed to drop? He added that the gas price is abnormal. Prices usually fade towards the end of the summer. Why are gas prices so high on eleven states across the country, with an average of $4 per gallon or more, according to AAA. That includes Illinois, Washington, Arizona and California.
The good news is that eventhough we asked why are gas prices so high, it still well below the peak set in June 2022. Afraid about supply disruptions in Russia sent oil prices huge increase, lifting the national average price for regular gas to a record of $5.02 per gallon. Why are gas prices so high when gas prices fell sharply from those levels as Russia disruptions failed to emerge and the Biden administration aggressively drained emergency oil reserves.
It’s worth noting that though we questioned why are gas prices so high for this point of the calendar, these figures aren’t adjusted for inflation. On a real (inflation-adjusted) basis, monthly gas prices were well above $4 a gallon late in the summers of 2011-2014, according to the EIA. We questioned why are gas prices so high in this time of the year because consumers are very sensitive to increases in gas prices, in part because of how visible they are. Many people view the price of gas as a key economic barometer.