Shell reported record high earnings of $9.13 billion in the first quarter of 2022, prompting action from lawmakers to impose higher taxes on gas companies to aid those struggling amidst rising prices.
GasBuddy's 2022 Gasoline Forecast (pdf), released Dec. 29, predicts that the national retail gasoline price will average $3.41 per gallon for all of 2022-assuming no significant interruptions to the ongoing economic recovery.
National average retail gasoline prices have been in a downward trend since peaking at $3.505 for the week ending Nov. 8, according to the Energy Information Administration (EIA).
For the week of Nov. 1, the national average for a gallon of regular gasoline rose to a seven-year high of $3.390, up less than a cent from $3.383 the week prior, according to the U.S. Energy Information Administration (EIA).
As of Oct. 27, the national average for a gallon of regular gasoline rose to $3.394 from the prior day's $3.389 and up from the month ago average of $3.189, according to AAA.
It can be helpful to look at what we know-and don't know-about inflation. Following are common misconceptions surrounding periods of high inflation, along with the truth behind these myths.
The governors of Virginia, Florida and Georgia have all signed executive orders in their respective states in an attempt to prohibit price gauging of fuel prices and to prepare for possible shortages.