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A Seven-Year High for Gas Prices

A Seven-Year High for Gas Prices

July 05, 2021
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Recently gasoline prices hit their highest since 2014.With the Colonial Pipeline outage in the rear-view mirror and an ever-increasing number of adults vaccinated, formerly cooped-up motorists have made the most of what America has to offer. The average price jumped to $3.04 per gallon ($1.08 higher than last year’s lockdown prices), and oil prices have continued to demonstrate high demand. The Wall Street Journal noted a two-year peak on June 1, indicating prices exceeding 2019’s records.1,2

These new peaks are a sure sign that things in America are returning to something like normal. While there’s still a way to go, these indicators point us in the right direction. While we’ll all miss the cheaper prices at the gas pump, it stands to reason that there’s a summer out there to be enjoyed.

1. CNBC.com, May 27, 2021
2. Wall Street Journal, June 1, 2021

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