According to AAA, the average price for a gallon of gasoline in the USA is $3.70.
This is an astounding 101% increase from its low of $1.84 per gallon a little over two-and-a-half years ago. One driver for the increase in prices at the pump — which peaked at $4.92 per gallon in June of this year — can be explained by any Econ 101 student. It has to do with the basic formula of supply and demand.


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