Oil prices dropped during President Donald Trump’s first two weeks in office. The exact same has occurred in the last two days.
On Monday, the national average rate for a gallon of regular gasoline was$ 3.161, a two-cent raise from a week ago, according to AAA. Additionally, the price of gasoline on Monday was higher than it was a month ago, when it was$ 3.12 per gallon.
Trump’s subsequent price increase coincides with his earlier tariff presentations for Mexico and Canada. The taxes were scheduled to go into effect on February 1. However, a deal was reached with the Mexican and Canadian institutions that put off the implementation of the levies for 30 days. However, despite postponing the taxes, gasoline prices have steadily risen since the news.
A gallon of regular gas is less expensive today than it was a year ago, when the price was$ 3.279. Despite the recent increase in fuel costs, the price was$ 3.279.
When past President Joe Biden took office, oil prices were a controversial political issue. Oil prices drastically increased during his presidency compared to Trump’s initial period of company. Between Jan. 2017 and Jan. 2021, standard gasoline averaged$ 2.476 per gallon in the country. By June 2021, the gas price had risen to over$ 3 per gallon, which is still higher than that level for the duration of his presidency, less than six months after his inauguration.
The average price for a gallon of regular gasoline in the country was$ 4. 929 in June 2022, which is the highest ever level. In the history of the nation, it was the highest average price for a gallon of regular gasoline. Gas prices started to decline steadily the following month, but they would continue to fluctuate between 2022 and 2024. By April 2024, gas prices reached a great for the year before starting to decrease in May, gradually dropping to$ 3.01 per gallon by mid-December. Pricing began to increase again after Christmas.
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Oil rates fluctuate throughout the state of the nation. Some states have experienced falls at the pump, while in others, the cost of fuel has increased. On Monday, the cost of gasoline ranged from as low as$ 2.678 per gallon in Mississippi to as high as$ 4.848 in California. California’s fuel prices have risen dramatically over the last two weeks, considerably outpacing the government’s regular gas expense.
In the Delmarva region, Washington, D. C., has the most expensive gas prices at$ 3.269 per gallon. Delaware, meanwhile, has the lowest prices, at$ 2.979, which is under$ 3 per gallon, falling over seven cents per gallon compared to a week ago.
