What happened to the gas prices in 2008?

Oil prices fell from a high of $133.88 in June 2008 to a low of $39.09 in February 2009. 1 Over the same time period, natural gas prices fell from $12.69 to $4.52. 2 The lower price for oil and gas due to the financial crisis was the major impact on the sector.

What was the national gas price in 2008?

Supporting Information

Why did natural gas prices drop in 2008?

Economic recession and falling prices (Oct 2008- Sep 2009) – Reduced industrial and manufacturing activity, and lower electricity use eased demand for natural gas as a feedstock and a power generation fuel. Natural gas prices fell sharply as a result.

Why did gas prices rose in 2008?

In June 2008 U.S. energy secretary Samuel Bodman said that insufficient oil production, not financial speculation, was driving rising crude prices. He said that oil production had not kept pace with growing demand.

How much was a loaf of bread in 2008?

In 2008, the price of bread had increased to $1.37 per loaf and wheat prices hit $8.89 per bushel. The value of wheat in that loaf of bread was now 12.2 cents, but the value of wheat as a percentage of the entire loaf went down to 9%.

What was the highest price of natural gas in 2008?

At the retail level, average U.S. residential natural gas prices were $13.52 per MMBtu in 2008, with a high of $19.74 in July.

Do gas prices go down in a recession?

Putting aside the question of whether energy prices have been affected by, or have contributed to, this economic downturn, the reality is that oil and natural gas prices in the United States are decreasing and will likely remain lower before moving up again.

Why was gas $4 a gallon in 2008?

The main reason for the price hike was record highs in crude oil prices, Lundberg said. The area with the highest average gas prices was Stockton, Calif., which posted $4.41 per gallon.

How much did a loaf of bread cost in 1970?

However, in 1970, you could purchase a loaf of bread for the low price of $0.25.

When was the last time gas was less than$ 2 a gallon?

The last time the average price of gas was less than $2 was 15 years ago, in 2004. The average price of gas then was $1.88. How much was gas in the 90s? The average price of gas in the 1990’s was just shy of $1.15.

What’s the outlook for the price of gasoline?

The graph also shows the U.S. Energy Information Administration’s (EIA) forecast for average annual prices for 2021 and 2022 in the January 2021 Short-Term Energy Outlook. Line chart with 2 lines.

What was the average price of gas in 2012?

The highest average gas price was $3.64 in 2012, which is 167% more expensive than a decade earlier. What year did gas go over one dollar? The average price of gas first went over $1 a gallon in 1980, when it went from $0.86 per gallon to $1.19 per gallon. When was the last time gas was under $2 a gallon?

What was the highest price of gas in history?

What is the highest priced gas in history? The highest average gas price was $3.64 in 2012, which is 167% more expensive than a decade earlier. What year did gas go over one dollar? The average price of gas first went over $1 a gallon in 1980, when it went from $0.86 per gallon to $1.19 per gallon.