US gas prices shot up $1.48 a gallon, or 42%, to a record $5.02 between the day before Russia’s invasion a year ago and the record price reached on June 14. Why prices shot up, then fellA number of factors have coincided to bring prices steadily lower since then. OPIS expects the average price throughout the course of 2023 to come in around $3.45, down from $3.96 last year. Few things take a bite out of gas prices like a recession, or even just the fear of one. The average price of a gallon of regular gas hit a then-record of $4.11 in early July 2008, according to OPIS data.

Source: CNN February 26, 2023 02:08 UTC