Americans have been roiled by oil-price turbulence in the past, most notably in the early s. Recent attacks by Iran on oil tankers in the Strait of Hormuz — the critical passageway for oil to reach Europe and other destinations — have rattled the energy markets, slightly raising prices of crude.
Even so, we are in a period of relative oil price stability. States also impose gasoline taxes, which vary from state to state and affect the average price nationwide.
Discussion threads can be closed at any time at our discretion. Sean Szymkowski. April 27, p. Prices are falling very quickly. Pay for gas, tolls and food with just your car See all photos. Now playing: Watch this: Store gas for generator the right way.
Discuss: Lowest gas prices in the US falls to just 89 cents a gallon. More: Which state is America's most miserable? An analysis of well-being. The average price of a barrel of crude oil and annual gasoline consumption also came from the EIA. Annual U. Per-capita gas consumption was calculated using population estimates from the U. Census Bureau. All inflation-adjusted prices are tied to dollars. Facebook Twitter Email. Here's what a gallon of gas cost the year you were born.
The focus turned to natural gas, another limited energy source. We bailed out the car companies that had been slow to adapt and create alternative-fuel engines.
Legislation tends to be rougher on newcomers like Tesla. And renewable energy companies have been having a hard time getting funding. This has many economists concerned for a number of reasons.
Have we taken this time to catch our breaths and move away from oil, or are we still shackled to it? Some experts wonder whether or not cheaper oil is affecting this current economic climate at all.
Note that this may be because shell-shocked survivors were a bit slow to increase their personal spending. The journey into home ownership can be a great adventure, but one with many steps and months of challenges to pursue before achieving this great milestone.
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