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Tackle Today: Gas prices return to Earth

December 6, 2022

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«Gasoline Prices Tumble.»

Remember when oil prices shot to the moon amid inflation scares and the Russia-Ukraine war? Crude topped $130 a barrel as the national average gasoline price eclipsed $5 a gallon. Talk of $200 a barrel was making the rounds, and the drumbeats of doom were deafening.

And then, oil topped, and the entire thing unraveled.

And I do mean the entire thing. Oil is back to the mid-$70s, where it began the year. Simultaneously, the AAA national average gasoline price has roundtripped to $3.42. You’ll find the stats featured in the Chart of the Day below.

These are all good things for the fight against inflation.

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Chart of the Day: Gasoline Prices Tumble

Gasoline Prices Tumble

Would you have dared hope that gas prices would return so quickly to 2021 levels at the height of the ballooning prices in June?

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