Gas Prices Rising in 2021
Posted on 01-22-2021
The last time America has seen a big jump in gas prices in the month of January was 2009 where the price jumped 23 cents. This January has seen a jump of 13 cents. So what's causing this price increase at the pumps?
Crude oil prices are increasing, although gasoline demand remains relatively low. We have seen an increase of $53 per barrel in the past week and is expected to continue to increase. Some suggest the demand has risen as COVID-19 restrictions and lockdowns have lifted bringing more drivers back on the roads. Also, President Biden's reversal of the XL oil pipeline will likely cause additional increase to crude oil
The nation's top 10 least expensive markets include Mississippi ($2.08), Missouri ($2.10), Louisiana ($2.10), Oklahoma ($2.10), Texas ($2.12), Arkansas ($2.15), South Carolina ($2.16), Alabama ($2.17), and Kansas ($2.18).
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Did You Know?
Today the United States is the second largest producer of hydropower - Canada being the largest. There are 75,185 dams in the U.S. but less than 3 percent are used for hydroelectric generation. Between 8 and 12 percent of U.S. electrical generation is produced by hydropower and only about one-fifth of the electricity produced around the world.
