$1,400 won't cover the added gas cost

Chicago IL

Description

Gasoline prices have soared over the past two months as the price of crude oil has moved above $65 a barrel. That means crude has jumped more than 70% since early November. The average price for a gallon of regular nationwide currently tops $2.75, up from $2.50 a month ago. Gas prices exceed $3 in nine states. Some analysts believe the $3 a gallon price will be the nationwide average by Memorial Day. ONE year ago a gallon of gas was.79 a gallon Now for those that keep saying demand has gone up...............CHECK your facts! As of the latest four-week period through January 1, gasoline consumption fell to 7.89 million barrels per day (mb/d), according to EIA data.... In the four-week period ended April 24, average gasoline consumption plunged by 44% year-over-year, to 5.3 million mb/d, by far the lowest in the EIA's data going back to 1991. Jan 8, 2021 OK so for the people that say gas prices depend upon crude oil prices...........................CHECK YOUR FACTS! The following chart shows the nominal value for imported crude oil according to the U.S. Energy Information Administration. 2011.............Crude oil was traded for $102.58 and the average cost of a gallon of gas was $3.53 according to AAA 2017.............Crude oil was traded for $50.80 and the average cost of a gallon of gas was $2.62 according to AAA 2021..............Crude oil was traded for $61.42 and the average cost of a gallon of gas was $2.88 according to AAA That means between 2011 and 2017 when crude oil traded for HALF as much the cost of gas should have been half. But it did NOT