Number of the Day Shows Pandemic Pump Prices Are Over
Our take on the most relevant or interesting figure in personal finance today
That’s the number of months it’s been since U.S. gas prices have been as high as they are now.
At an average of $2.38 a gallon as of Friday, national gas prices are now higher than they were before the COVID-19 outbreak in March, according to AAA data. The average pump price is 61 cents higher than its pandemic low of $1.77 in April and 27 cents higher than in November, when the most recent uptick began.
Gas prices, which plummeted when the onset of the pandemic changed our way of life, have been slowly trending upward again. While the need for gas remains relatively low, crude oil prices are rising as supply tightens and investors anticipate that the rollout of new COVID-19 vaccines will boost demand later this year, according to AAA. Higher gas prices were the biggest factor in a slightly higher inflation rate in December.