What are the lowest gas prices may be one of the biggest searches over the last month? Due to tensions in Ukraine and other political issues, gas prices have surged at an all-time high over the past month.
Also, with many people in the U.S returning to work, the gas increase has been stressful. Imagine coming out of a pandemic lockdown, working from home, and trying to make ends meet just to go back to traffic jams and overrated prices. The struggle is real.
The result of many working from home and attending home school placed the oil industry in a bind. Oil producing companies cut production down to 10 million barrels.
However, as the U.S started to recover from the pandemic lockdowns, oil producing companies began to increase their productions. Unfortunately, these productions were not increased fast enough.
The U.S imports and exports oil. However, the U.S also receives petroleum from Russia in which is now banned in effort to stand for Ukraine.
The U.S does have other alternatives for oil supply. In fact, experts say the U.S could replace Russian imports with its own production.
Unfortunately, figuring this out will cost Americans.
“With gasoline prices surging and the war in Ukraine dominating the headlines, it was little surprise that the University of Michigan consumer confidence index fell to an 11-year low in early March,” Capital Economics said in a report.
So far, the highest gas prices in the U.S are for regular gas include California and Hawaii.
The lowest gas prices are at $3.81. This prices in in Kansas.
Missouri, Arkansas, Oklahoma, and Nebraska follow behind with prices under 4 dollars.
According to reports, gas prices will continue to surge in March and April.