The average gas price in the United States in 2017 was $2.41 per gallon, a 27-cent increase from 2016 but two cents less than in 2015. Several factors contributed to this increase, including higher crude oil prices and regional supply and demand imbalances.
Key Facts
- Gas prices in 2017: The average gas price in the United States was $2.41 per gallon in 2017. This was an increase of 27 cents per gallon compared to 2016, but two cents less than in 2015.
Crude Oil Prices
Crude oil prices play a significant role in determining gasoline prices. In 2017, the average price of crude oil was $52.85 per barrel, a 45% increase from the previous year. This increase was primarily due to rising global demand and production cuts by major oil-producing countries.
Regional Supply and Demand Imbalances
Gasoline prices can also vary across different regions due to supply and demand imbalances. In 2017, some regions experienced higher gas prices due to increased demand or disruptions in supply. For example, Hurricane Harvey caused refinery outages and infrastructure damage in the Gulf Coast region, leading to higher gasoline prices in the area.
Impact on Consumers
The increase in gas prices in 2017 had a noticeable impact on consumers. Many individuals and families had to adjust their budgets to accommodate the higher transportation costs. Some businesses also faced increased expenses due to higher fuel costs for their vehicles and equipment.
Conclusion
The average gas price in the United States in 2017 was $2.41 per gallon, influenced by factors such as higher crude oil prices and regional supply and demand imbalances. This increase had a direct impact on consumers and businesses, leading to adjustments in budgets and increased expenses.
Sources
- U.S. Energy Information Administration: Gasoline and Diesel Fuel Update
- U.S. Energy Information Administration: Retail Gasoline Prices
- CNBC: How Much Gas Cost Every Year Since 1978
FAQs
What was the average gas price in the United States in 2017?
The average gas price in the United States in 2017 was $2.41 per gallon.
How did the gas price in 2017 compare to previous years?
The gas price in 2017 was 27 cents per gallon higher than in 2016, but two cents less than in 2015.
What factors contributed to the increase in gas prices in 2017?
The increase in gas prices in 2017 was primarily due to higher crude oil prices and regional supply and demand imbalances.
How did the increase in gas prices in 2017 impact consumers and businesses?
The increase in gas prices in 2017 had a noticeable impact on consumers and businesses, leading to adjustments in budgets and increased expenses.
Were there any specific events or incidents that affected gas prices in 2017?
Yes, Hurricane Harvey caused refinery outages and infrastructure damage in the Gulf Coast region, leading to higher gasoline prices in the area.
How did the average gas price in 2017 compare to the historical average?
The average gas price in 2017 was higher than the historical average. For example, the average gas price in the United States from 1990 to 2022 was $2.28 per gallon.
What are some factors that can affect gas prices in general?
Factors that can affect gas prices include crude oil prices, supply and demand dynamics, taxes, and geopolitical events.
Where can I find more information about historical gas prices?
You can find more information about historical gas prices from sources such as the U.S. Energy Information Administration (EIA) and the American Automobile Association (AAA).