Gas prices have more than doubled in two years, saddling millions of people who drive cars and trucks every day with enormous costs.
What happened?
Everything.
A rare combination of economic and geopolitical forces now manifest themselves at the gas pump. The economy’s rapid recovery from the pandemic created more demand for gasoline, pushing prices higher. Then, the invasion of Ukraine led to a global backlash against Russia, which produces more oil than all but two other countries. So prices went higher again.
February 2020
$2.53
$37.95 to fill up a 15-gallon car
April 2020
$1.94
$29.10 to fill up a 15-gallon car
April 2022
$4.21
$63.15 to fill up a 15-gallon car
May 31, 2022
$4.62
$69.30 to fill up a 15-gallon car
Tomorrow?Data from EIA and AAA
