Introduction
Hey readers! You are most likely feeling the pinch on the pump, questioning why gasoline costs have been so excessive in 2020. We have put collectively this complete article to offer you a month-by-month breakdown of gasoline costs in 2020, together with some insights into the components which have been driving them.
Earlier than we dive into the numbers, it is essential to notice that gasoline costs are topic to a variety of things, together with international oil manufacturing, financial circumstances, and geopolitical occasions. In 2020, the COVID-19 pandemic had a big affect on gasoline costs, inflicting them to plunge within the spring after which steadily get better because the yr progressed.
January-March: A Regular Rise
Fuel costs began the yr on a comparatively secure observe, averaging round $2.50 per gallon in January. Nonetheless, in February and March, costs started to creep up, reaching a median of $2.70 per gallon by the top of March. This enhance was largely pushed by rising international oil demand and a tightening provide.
April-June: The COVID-19 Crash
The worldwide economic system floor to a halt in April 2020 because the COVID-19 pandemic took maintain. Consequently, demand for gasoline plummeted, and gasoline costs adopted swimsuit. By Could, the typical worth of gasoline in the US had fallen to simply $1.80 per gallon, the bottom degree in over a decade.
July-September: A Gradual Restoration
Because the economic system started to reopen in the summertime of 2020, gasoline costs steadily began to get better. By July, they’d climbed again above $2 per gallon, and by September, they have been averaging $2.20 per gallon. This restoration was supported by a rebound in international oil demand and a tightening provide.
October-December: A Run-As much as the Election
Within the run-up to the November 2020 presidential election, gasoline costs skilled a big surge. By October, the typical worth had risen to $2.40 per gallon, and by December, it had reached $2.50 per gallon. This enhance was partly as a result of considerations a couple of potential change in power coverage below a brand new president.
Fuel Costs by Month: A Detailed Breakdown
That will help you see the development extra clearly, here is a desk that breaks down gasoline costs by month in 2020:
| Month | Common Value per Gallon |
|---|---|
| January | $2.50 |
| February | $2.60 |
| March | $2.70 |
| April | $2.20 |
| Could | $1.80 |
| June | $1.90 |
| July | $2.10 |
| August | $2.20 |
| September | $2.30 |
| October | $2.40 |
| November | $2.50 |
| December | $2.60 |
Conclusion
2020 was a rollercoaster trip for gasoline costs, with the COVID-19 pandemic having a big affect. Costs plunged within the spring, recovered steadily over the summer season and fall, after which surged once more within the run-up to the election. In case you’re on the lookout for the most recent info on gasoline costs, you’ll want to take a look at our different articles on the subject.
FAQ about Fuel Costs 2020 by Month
1. What was the typical gasoline worth in January 2020?
Reply: The typical gasoline worth in the US was $2.53 per gallon.
2. What was the best gasoline worth in March 2020?
Reply: The best gasoline worth in March 2020 was $2.88 per gallon.
3. What was the bottom gasoline worth in June 2020?
Reply: The bottom gasoline worth in June 2020 was $1.97 per gallon.
4. What was the typical gasoline worth in September 2020?
Reply: The typical gasoline worth in September 2020 was $2.19 per gallon.
5. What was the best gasoline worth in December 2020?
Reply: The best gasoline worth in December 2020 was $2.33 per gallon.
6. What was the typical gasoline worth in the US in 2020?
Reply: The typical gasoline worth in the US in 2020 was $2.25 per gallon.
7. What was the bottom gasoline worth in the US in 2020?
Reply: The bottom gasoline worth in the US in 2020 was $1.97 per gallon.
8. What was the best gasoline worth in the US in 2020?
Reply: The best gasoline worth in the US in 2020 was $2.88 per gallon.
9. What components affected gasoline costs in 2020?
Reply: Elements that affected gasoline costs in 2020 included the COVID-19 pandemic, the worldwide oil provide, and the US-China commerce battle.
10. How can I get monetary savings on gasoline?
Reply: Suggestions to economize on gasoline embody driving much less, combining errands, and utilizing public transportation or carpooling.
