Gas prices were ~$2.60 per gallon in Jan 2020. They're currently ~$3.25
per gallon. But average weekly wages in Jan 2020 were $951. Average weekly wages are $1,118. Adjusting for wage inflation, the $3.25 is more like $2.75, or $0.15 per gallon higher.
Could gas go back to $2.60 per gallon? Sure, gas prices go up, and gas prices go down. It's cyclical with both supply and demand factoring in along with geopolitical stability (or instability). It's unlikely we'd see $2.60 per gallon without a softening of the economy which is not a good thing... although I know your fingers are crossed.
And US supply is now higher than prepandemic levels.
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In response to this post by Lupos)
Posted: 11/28/2023 at 12:00PM