Gasoline prices in the United States of all grades followed similar trends between April 2019 and October 2022, reaching their highest level in June 2022 due to the Russian invasion of Ukraine, which led to a rise in crude oil prices. These prices were on average at its highest in 2022 since 2019. In contrast, April 2020 recorded an average of 1.95 U.S. dollars per gallon. The continuous inexpensiveness of fuel between March and May 2020 is attributed to low demand amid the coronavirus pandemic.
Impact of Covid-19 on fuel prices
The cost of gasoline in the United States is dictated by the supply and cost of light crude oil. As crude oil demand halted due to the COVID-19 pandemic, oil prices plummeted, making gasoline in the U.S. its cheapest in nearly 20 years. In April 2020, gasoline demand in the United States was half of what it was in April 2019. Over one year on, the price of gasoline has reached its highest level in 2022. This inflation was bolstered by the war in Ukraine, which increased uncertainty regarding crude oil supplies as some countries depend on Russian exports of the commodity. Daily regular gas prices in the U.S. had climbed over the four U.S. dollars threshold in March 2022.