Chart Of Gas Prices In The Last 10 Years
Introduction
The cost of fuel is a significant factor in our daily lives. It impacts the economy, transportation, and even the environment. Gas prices have been fluctuating over the past decade, and this article will provide a chart of gas prices in the last 10 years. We will examine the highs and lows of gas prices and the factors that influenced the changes in gas prices.
2009-2010
The year 2009 saw the lowest gas prices in the last ten years. The average price of a gallon of gas was $2.35. The price slowly increased in 2010 and reached an average of $2.78 per gallon. The rise was attributed to the economic recovery and increased demand for oil.
2011-2012
The year 2011 saw a significant increase in gas prices due to the political instability in the Middle East. The average price of a gallon of gas was $3.52. In 2012, the price continued to rise, reaching an average of $3.68 per gallon. The increase was also due to the growing demand for oil in developing countries such as China and India.
2013-2014
The year 2013 saw a slight decrease in gas prices, with an average of $3.50 per gallon. However, in 2014, the average price increased to $3.66 per gallon. The reason for this rise was due to the unrest in Ukraine, which caused a decrease in oil supply.
2015-2016
In 2015, gas prices saw a significant drop to an average of $2.43 per gallon. The reason for the decrease was due to the oversupply of oil in the market. In 2016, the average price slightly increased to $2.44 per gallon.
2017-2018
In 2017, gas prices were relatively stable, with an average of $2.42 per gallon. However, in 2018, gas prices started to rise again, reaching an average of $2.85 per gallon. The increase was due to the OPEC production cuts and the growing demand for oil in the United States.
2019-2020
The year 2019 saw a slight increase in gas prices, with an average of $2.60 per gallon. In 2020, the COVID-19 pandemic caused a drastic drop in gas prices, with an average of $1.89 per gallon. The decrease was due to the decrease in demand for oil as people stayed home and reduced their travel.
Conclusion
Gas prices have been volatile over the last ten years, with several factors influencing the rise and fall of prices. The chart of gas prices in the last ten years shows that political instability, oil supply and demand, and the COVID-19 pandemic have been the primary factors affecting gas prices.