Gas Prices in the US and Europe

AAA reports that US average price for a gallon of gasoline rose six cents over the past week to hit $3.38. The pump price went up every day in the past 27 days and added approximately 20 cents to the cost of a gallon of gas.

These are the highest prices since September of 2014.

Prices are up $1.22 more than in 2020 and 77 cents more than in 2019.

The Energy Information Administration (EIA) reports total domestic gasoline stocks decreased by 5.4 million bbl to 217.7 million bbl last week. Ggasoline demand increased from 9.19 million b/d to 9.63 million b/d. The cost of crude oil accounts for more than half of the pump price. If crude oil goes up from about $80 per barrel now to $100 per barrel then per gallon gas prices will increase by another $1 per gallon.

The top 10 most expensive markets: California ($4.54), Hawaii ($4.26), Nevada ($3.92), Washington ($3.87), Oregon ($3.78), Alaska ($3.72), Idaho ($3.71), Utah ($3.68), Washington, D.C. ($3.57) and Pennsylvania ($3.56).

Goldman Sachs said a strong rebound in global oil demand could push Brent crude oil prices above its year-end forecast of $90 per barrel. They expect oil demand will shortly reach pre-COVID-19 levels of around 100 million barrels per day (bpd) as consumption in Asia rebounds after the Delta COVID-19 wave. If prices rise to $110 /bbl then it will stifle demand enough to balance the market deficit.

Gasoline prices in Europe by country in dollar per liter are below.

$1.85 per liter is $7 per gallon.

If you drive 15000 miles in a year and have a car that gets 30 miles per gallon then you need 500 gallons of gas per year.
$3 per gallon would cost $1500 per year.
$4 per gallon would cost $2000 per year.
$4.5 per gallon would cost $2250 per year.
$6 per gallon would cost $3000 per year.
$7 per gallon would cost $3500 per year.

SOURCES- AAA, EIA, Globalpetrolprices
Written By Brian Wang, Nextbigfuture.com