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Currently (March 19, 2024), California holds the dubious honor of having the ",[928],{"type":129,"attrs":929},{"color":12},{"text":931,"type":22,"marks":932},"highest gas prices",[933,936,938],{"type":31,"attrs":934},{"href":935,"uuid":34,"anchor":34,"target":850,"linktype":36},"https://www.forbes.com/advisor/personal-finance/gas-prices-by-state/",{"type":129,"attrs":937},{"color":12},{"type":854},{"text":940,"type":22,"marks":941},", with a gallon setting you back $4.91, closely followed by Hawaii at $4.70. The two states regularly exchange first and second place as prices fluctuate.  ",[942],{"type":129,"attrs":943},{"color":12},{"type":18,"content":945},[946],{"text":947,"type":22,"marks":948},"The variance in how much gas costs across states can be attributed to several factors, including transportation costs, taxes, and regional supply-demand dynamics.  ",[949],{"type":129,"attrs":950},{"color":12},{"type":18,"content":952},[953],{"text":954,"type":22,"marks":955},"Data on gas prices shows that states on the West Coast often face higher gas prices due to their reliance on imported fuel and stricter environmental regulations. States with abundant oil reserves or lower taxes may enjoy relatively lower prices at the pump. ",[956],{"type":129,"attrs":957},{"color":12},{"type":18,"content":959},[960,965,974],{"text":961,"type":22,"marks":962},"The below ",[963],{"type":129,"attrs":964},{"color":12},{"text":966,"type":22,"marks":967},"table from NerdWallet",[968,971,973],{"type":31,"attrs":969},{"href":970,"uuid":34,"anchor":34,"target":850,"linktype":36},"https://www.nerdwallet.com/article/finance/are-gas-prices-going-down",{"type":129,"attrs":972},{"color":12},{"type":854},{"text":975,"type":22,"marks":976}," illustrates the state-by-state averages per gallon for regular unleaded gasoline as of March 14, 2024: ",[977],{"type":129,"attrs":978},{"color":12},"article-rich-text",{"_uid":981,"content":982,"component":983},"d5557018-be6c-48d0-998c-6b19143b2586","\u003Ciframe src=\"https://e.infogram.com/0df6d117-7e31-4d73-94e2-f0803cb6e104?src=embed\" title=\"Average Gas Prices\" width=\"550\" height=\"639\" scrolling=\"no\" frameborder=\"0\" style=\"border:none;\" allowfullscreen=\"allowfullscreen\">\u003C/iframe>","app-embedded-content",{"_uid":985,"data":986,"component":979},"de31f84a-4809-471a-a6a3-672c8479d6fc",{"type":15,"content":987},[988,1000,1007,1027,1048],{"type":764,"attrs":989,"content":990},{"level":766},[991,996],{"text":992,"type":22,"marks":993},"Why are gas prices going up?",[994],{"type":129,"attrs":995},{"color":12},{"text":774,"type":22,"marks":997},[998],{"type":129,"attrs":999},{"color":778},{"type":18,"content":1001},[1002],{"text":1003,"type":22,"marks":1004},"Gas prices are on the rise, and there are several reasons why the price of gas is going up.  ",[1005],{"type":129,"attrs":1006},{"color":12},{"type":18,"content":1008},[1009,1013,1022],{"text":840,"type":22,"marks":1010},[1011],{"type":129,"attrs":1012},{"color":12},{"text":1014,"type":22,"marks":1015},"cost of crude oil",[1016,1019,1021],{"type":31,"attrs":1017},{"href":1018,"uuid":34,"anchor":34,"target":850,"linktype":36},"https://www.eia.gov/petroleum/gasdiesel/gaspump_hist.php",{"type":129,"attrs":1020},{"color":12},{"type":854},{"text":1023,"type":22,"marks":1024}," stands out as a significant contributor to the cost of gas, with fluctuations in oil prices directly impacting what you pay at the pump.  ",[1025],{"type":129,"attrs":1026},{"color":12},{"type":18,"content":1028},[1029,1034,1043],{"text":1030,"type":22,"marks":1031},"The table below illustrates ",[1032],{"type":129,"attrs":1033},{"color":12},{"text":1035,"type":22,"marks":1036},"how the cost of crude oil has influenced gas prices",[1037,1040,1042],{"type":31,"attrs":1038},{"href":1039,"uuid":34,"anchor":34,"target":850,"linktype":36},"https://usafacts.org/articles/what-causes-high-gas-prices/",{"type":129,"attrs":1041},{"color":12},{"type":854},{"text":1044,"type":22,"marks":1045}," in the last decade:  ",[1046],{"type":129,"attrs":1047},{"color":12},{"type":18},{"_uid":1050,"text":1051,"component":1061},"6900dc7c-82a3-486d-ac07-0af7d617371d",{"type":15,"content":1052},[1053],{"type":18,"content":1054},[1055],{"type":1056,"attrs":1057},"image",{"id":1058,"alt":12,"src":1059,"title":12,"source":12,"copyright":12,"meta_data":1060},15677853,"https://a.storyblok.com/f/185166/760x394/9bfa9a6f29/crude-oil-is-the-biggest-contributor-to-the-price-of-gas.svg",{},"article-paragraph",{"_uid":1063,"data":1064,"component":979},"4857ae47-a042-4e1e-8771-68ecc3dc5094",{"type":15,"content":1065},[1066,1073,1080,1100,1112,1119,1140,1147,1154,1175,1182,1198,1205,1212,1224,1231,1238,1245,1252],{"type":18,"content":1067},[1068],{"text":1069,"type":22,"marks":1070},"Additionally, Russia's invasion of Ukraine sent shockwaves through global markets, leading to a surge in inflation rates worldwide.  ",[1071],{"type":129,"attrs":1072},{"color":12},{"type":18,"content":1074},[1075],{"text":1076,"type":22,"marks":1077},"This geopolitical turmoil has had far-reaching consequences. Argentina experienced a hyperinflation rate of 92% in 2022, highlighting the destabilizing effects of such conflicts on economies. ",[1078],{"type":129,"attrs":1079},{"color":12},{"type":18,"content":1081},[1082,1086,1095],{"text":840,"type":22,"marks":1083},[1084],{"type":129,"attrs":1085},{"color":12},{"text":1087,"type":22,"marks":1088},"war has also substantially impacted global GDP growth",[1089,1092,1094],{"type":31,"attrs":1090},{"href":1091,"uuid":34,"anchor":34,"target":850,"linktype":36},"https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2024)757783",{"type":129,"attrs":1093},{"color":12},{"type":854},{"text":1096,"type":22,"marks":1097},", with some countries, such as Saudi Arabia, witnessing notable increases. As several Western nations shifted their exports from Russia to Middle Eastern countries due to sanctions, Saudi Arabia emerged with a remarkable GDP growth of nearly 3%.  ",[1098],{"type":129,"attrs":1099},{"color":12},{"type":764,"attrs":1101,"content":1102},{"level":766},[1103,1108],{"text":1104,"type":22,"marks":1105},"What is the future of gas prices?",[1106],{"type":129,"attrs":1107},{"color":12},{"text":774,"type":22,"marks":1109},[1110],{"type":129,"attrs":1111},{"color":778},{"type":18,"content":1113},[1114],{"text":1115,"type":22,"marks":1116},"The latest gas price statistics reveal that we are in for a bumpy ride.  ",[1117],{"type":129,"attrs":1118},{"color":12},{"type":18,"content":1120},[1121,1126,1135],{"text":1122,"type":22,"marks":1123},"According to the World Bank’s data on gas prices, US natural gas prices could ",[1124],{"type":129,"attrs":1125},{"color":12},{"text":1127,"type":22,"marks":1128},"average $6 in 2024",[1129,1132,1134],{"type":31,"attrs":1130},{"href":1131,"uuid":34,"anchor":34,"target":850,"linktype":36},"https://www.techopedia.com/natural-gas-price-forecast",{"type":129,"attrs":1133},{"color":12},{"type":854},{"text":1136,"type":22,"marks":1137},", reflecting a steady increase compared to previous years.  ",[1138],{"type":129,"attrs":1139},{"color":12},{"type":18,"content":1141},[1142],{"text":1143,"type":22,"marks":1144},"Similarly, European gas prices are expected to trade at $28 in 2024, marking a significant drop from $40 in 2022.  ",[1145],{"type":129,"attrs":1146},{"color":12},{"type":18,"content":1148},[1149],{"text":1150,"type":22,"marks":1151},"The decline in European prices suggests a potential stabilization in the market, albeit at a lower level than in previous years. Liquefied Natural Gas (LNG) prices are also forecasted to follow a downward trajectory, with the World Bank predicting an average of $15.90 in 2024, down from $18.40 in 2022.  ",[1152],{"type":129,"attrs":1153},{"color":12},{"type":18,"content":1155},[1156,1161,1170],{"text":1157,"type":22,"marks":1158},"According to ",[1159],{"type":129,"attrs":1160},{"color":12},{"text":1162,"type":22,"marks":1163},"a Capex report",[1164,1167,1169],{"type":31,"attrs":1165},{"href":1166,"uuid":34,"anchor":34,"target":850,"linktype":36},"https://capex.com/eu/overview/natural-gas-price-prediction",{"type":129,"attrs":1168},{"color":12},{"type":854},{"text":1171,"type":22,"marks":1172},", Wallet Investor's system provides insights into the future of gas prices, with natural gas price projections for 2025 and beyond.  ",[1173],{"type":129,"attrs":1174},{"color":12},{"type":18,"content":1176},[1177],{"text":1178,"type":22,"marks":1179},"The system projects a gradual increase in natural gas prices, with the fuel expected to rise to $8.798/MMBtu by December 2025 and climbing further to $12.013 by January 2028. These projections indicate a potential upward trend in gas prices over the coming years, driven by factors such as increasing demand, supply constraints, and geopolitical tensions. ",[1180],{"type":129,"attrs":1181},{"color":12},{"type":18,"content":1183},[1184,1193],{"text":1185,"type":22,"marks":1186},"Deloitte's natural gas price forecasts",[1187,1190,1192],{"type":31,"attrs":1188},{"href":1189,"uuid":34,"anchor":34,"target":850,"linktype":36},"https://www2.deloitte.com/content/dam/Deloitte/ca/Documents/energy-resources/ca-en-energy-and-resources-oil-and-gas-price-forecast-q3_AODA.pdf",{"type":129,"attrs":1191},{"color":12},{"type":854},{"text":1194,"type":22,"marks":1195}," offer additional perspectives on future price trends beyond 2028.  ",[1196],{"type":129,"attrs":1197},{"color":12},{"type":18,"content":1199},[1200],{"text":1201,"type":22,"marks":1202},"For 2030, Deloitte sees Henry Hub trading at $5.40/Mcf, down from $8.50/Mcf in 2022. However, the firm's forecast for 2040 suggests a reversal in this downward trend, with the US gas price expected to rise to $6.55/Mcf.  ",[1203],{"type":129,"attrs":1204},{"color":12},{"type":18,"content":1206},[1207],{"text":1208,"type":22,"marks":1209},"By 2041, Henry Hub is expected to trade at $6.70/MMBtu, indicating a potential recovery in prices after a period of decline. Moreover, Deloitte projects Henry Hub's prices to increase by 2% per year after 2041, reflecting a long-term bullish outlook on gas prices. ",[1210],{"type":129,"attrs":1211},{"color":12},{"type":764,"attrs":1213,"content":1214},{"level":766},[1215,1220],{"text":1216,"type":22,"marks":1217},"Get expert financial advice",[1218],{"type":129,"attrs":1219},{"color":12},{"text":774,"type":22,"marks":1221},[1222],{"type":129,"attrs":1223},{"color":778},{"type":18,"content":1225},[1226],{"text":1227,"type":22,"marks":1228},"Historical gas price data acts as a barometer for the complexities of our global economy and geopolitical landscape.  ",[1229],{"type":129,"attrs":1230},{"color":12},{"type":18,"content":1232},[1233],{"text":1234,"type":22,"marks":1235},"Expert forecasts offer valuable insights into gas prices' potential trajectories. By leveraging these insights, we can confidently navigate the road ahead, ensuring a smoother ride for businesses, consumers, and economies. ",[1236],{"type":129,"attrs":1237},{"color":12},{"type":18,"content":1239},[1240],{"text":1241,"type":22,"marks":1242},"Don't let the future of gas prices drive you into financial uncertainty. Seek expert financial advice to steer your financial journey in the right direction. ",[1243],{"type":129,"attrs":1244},{"color":12},{"type":18,"content":1246},[1247],{"text":1248,"type":22,"marks":1249},"Let Unbiased match you with a financial advisor who can offer advice on managing your money and making informed, strategic decisions about your financial future. ",[1250],{"type":129,"attrs":1251},{"color":12},{"type":18,"content":1253},[1254,1263],{"text":1255,"type":22,"marks":1256},"Talk to a financial advisor today",[1257,1260,1262],{"type":31,"attrs":1258},{"href":1259,"uuid":34,"anchor":34,"target":850,"linktype":36},"https://v2.unbiased.com/inquiry/financial-advisor/advice-areas/?_gl=1%2a177ev69%2a_ga%2aMjEwOTg3MTczOC4xNjk3NDQ0NjE5%2a_ga_2L93GWDPD4%2aMTcwNjI3MzQ3NC41MC4xLjE3MDYyNzM5MjQuNTYuMC4w",{"type":129,"attrs":1261},{"color":12},{"type":854},{"text":1264,"type":22,"marks":1265},". ",[1266],{"type":129,"attrs":1267},{"color":12},[1269],{"_uid":1270,"image":1271,"title":1276,"subtitle":12,"component":1296,"breadcrumbs":558},"7258534c-6542-4ae2-bfde-cd263bf80204",{"id":1272,"alt":12,"name":12,"focus":12,"title":12,"source":12,"filename":1273,"copyright":12,"fieldtype":1274,"meta_data":1275,"is_private":543,"is_external_url":543},14771926,"https://a.storyblok.com/f/185166/3840x2160/1f627fa9b3/gas-price.webp","asset",{},{"type":15,"content":1277},[1278],{"type":18,"content":1279},[1280,1287,1292],{"text":750,"type":22,"marks":1281},[1282,1285],{"type":25,"attrs":1283},{"class":1284},"primary-gradient",{"type":129,"attrs":1286},{"color":12},{"text":1288,"type":22,"marks":1289},": how much does gas in the US cost?",[1290],{"type":129,"attrs":1291},{"color":12},{"text":774,"type":22,"marks":1293},[1294],{"type":129,"attrs":1295},{"color":131},"app-hero",{"name":1298,"created_at":1299,"published_at":1300,"updated_at":1301,"id":1302,"uuid":1303,"content":1304,"slug":1313,"full_slug":1314,"sort_by_date":34,"position":1315,"tag_list":1316,"is_startpage":543,"parent_id":1317,"meta_data":34,"group_id":1318,"first_published_at":1319,"release_id":34,"lang":730,"path":34,"alternates":1320,"default_full_slug":34,"translated_slugs":34,"_stopResolving":558},"Unbiased team","2024-01-18T11:49:29.332Z","2024-01-24T16:17:31.264Z","2024-01-24T16:17:31.285Z",429182198,"a38620a4-ad81-47d5-b2fe-9fe933abd010",{"job":1305,"_uid":1306,"name":1298,"image":1307,"component":1311,"description":1312},"Writers","a6e3129c-eeee-4438-8204-797883981521",{"id":1308,"alt":12,"name":12,"focus":12,"title":12,"source":12,"filename":1309,"copyright":12,"fieldtype":1274,"meta_data":1310,"is_private":12,"is_external_url":543},13850198,"https://a.storyblok.com/f/185166/400x400/232c6cb764/unbiased-team.jpg",{},"article-author","Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.","unbiased-team","authors/unbiased-team",-10,[],224651374,"170282a1-0fe6-4cf3-ab19-04639ed3474c","2023-04-03T07:50:42.397Z",[],[1322],{"_uid":1323,"body":1324,"title":1337,"component":1338},"628318e0-01e9-4c44-8673-bc4675b4f2b9",[1325,1329,1333],{"_uid":1326,"href":1327,"text":1328,"component":542,"openInNewWindow":558},"db00d1b7-2c2c-44ea-966b-4f0142078e39","https://www.unbiased.com/discover/banking/house-price-statistics","House price statistics",{"_uid":1330,"href":1331,"text":1332,"component":542,"openInNewWindow":558},"ce9f74f0-3a7f-4438-abe7-a5ecc8a606ee","https://www.unbiased.com/discover/banking/statistics-on-saving-money","Statistics on saving money",{"_uid":1334,"href":1335,"text":1336,"component":542,"openInNewWindow":558},"e3d92b40-4a66-4802-83ee-45859d1d47f8","https://www.unbiased.com/discover/banking/gold-price-statistics","Gold price statistics","Related articles ","app-links-list",{"_uid":1340,"title":1341,"plugin":1342,"og_image":12,"og_title":12,"description":1343,"twitter_image":12,"twitter_title":12,"og_description":12,"twitter_description":12},"614915ba-f95c-4886-8bdd-61b769ffd26f","History Of Gas Prices | Unbiased ","seo_metatags","Gain insight into gas price data and how it has changed over time. Explore factors driving this spike and implications for consumers and the economy. ","app-article",[],[],"Take a closer look at gas price statistics, explore their fluctuations, the reasons behind their rise, and what the future might hold.  ",[],"gas-price-statistics","discover/banking/gas-price-statistics",-3530,[],365515562,"5f7b4175-717d-466d-a686-7c7d3783e82d","2024-03-19T10:40:30.538Z",[],{"left":727,"top":727,"width":1358,"height":1358,"rotate":727,"vFlip":543,"hFlip":543,"body":1359},24,"\u003Cpath fill=\"currentColor\" d=\"M3.71 16.29a1 1 0 0 0-.33-.21a1 1 0 0 0-.76 0a1 1 0 0 0-.33.21a1 1 0 0 0-.21.33a1 1 0 0 0 .21 1.09a1.2 1.2 0 0 0 .33.21a.94.94 0 0 0 .76 0a1.2 1.2 0 0 0 .33-.21a1 1 0 0 0 .21-1.09a1 1 0 0 0-.21-.33M7 8h14a1 1 0 0 0 0-2H7a1 1 0 0 0 0 2m-3.29 3.29a1 1 0 0 0-1.09-.21a1.2 1.2 0 0 0-.33.21a1 1 0 0 0-.21.33a.94.94 0 0 0 0 .76a1.2 1.2 0 0 0 .21.33a1.2 1.2 0 0 0 .33.21a.94.94 0 0 0 .76 0a1.2 1.2 0 0 0 .33-.21a1.2 1.2 0 0 0 .21-.33a.94.94 0 0 0 0-.76a1 1 0 0 0-.21-.33M21 11H7a1 1 0 0 0 0 2h14a1 1 0 0 0 0-2M3.71 6.29a1 1 0 0 0-.33-.21a1 1 0 0 0-1.09.21a1.2 1.2 0 0 0-.21.33a.94.94 0 0 0 0 .76a1.2 1.2 0 0 0 .21.33a1.2 1.2 0 0 0 .33.21a1 1 0 0 0 1.09-.21a1.2 1.2 0 0 0 .21-.33a.94.94 0 0 0 0-.76a1.2 1.2 0 0 0-.21-.33M21 16H7a1 1 0 0 0 0 2h14a1 1 0 0 0 0-2\"/>",[1361,1364,1365],{"title":1362,"exact":558,"href":1363},"Home","https://www.unbiased.com",{"title":381,"exact":558,"to":394,"disabled":543},{"title":750,"exact":558,"to":1366,"disabled":558},"/discover/banking/gas-price-statistics",{"left":727,"top":727,"width":733,"height":733,"rotate":727,"vFlip":543,"hFlip":543,"body":1368},"\u003Cpath fill=\"currentColor\" d=\"m181.66 133.66l-80 80a8 8 0 0 1-11.32-11.32L164.69 128L90.34 53.66a8 8 0 0 1 11.32-11.32l80 80a8 8 0 0 1 0 11.32\"/>",1779874381054]