What Were Gas Prices In 2008 In South Carolina?

The state’s highest recorded average price was $4.121 a gallon on Sept. 15, 2008, according to the data.

When was gas $4 a gallon in 2008?

July 17, 2008
The all-time high for average gasoline prices was set in July 17, 2008, at $4.10 per gallon. On Sunday, California had the highest average price per gallon among US states at $5.29.

How much did a gallon of gas cost in 2008?

$4.11 per gallon
The U.S. average price for regular gasoline climbs to an all-time high of $4.11 per gallon. Road trip style vacations are put on hold for many summer travelers. Aug. 5, 2008—Oil prices fall below $120 a barrel.

What’s the highest gas ever been in South Carolina?

For those of you keeping score at home, South Carolina’s record high for a gallon of regular unleaded – $4.121 – was recorded on September 15, 2008.

How high did the price of gas go in 2008?

In nominal terms, today’s gas prices are far higher. According to travel website AAA, the current national average price of regular unleaded is $4.72 per gallon. Back in the summer of 2008, right before the financial crisis sent the economy into a deep recession, prices peaked at $4.11.

Why was gas so high in July 2008?

The spike in oil prices in July 2008 came at the tail end of a decade-long energy crisis. Surging demand from developing economies, stagnant production, financial speculation, and tension in the Middle East caused oil and gas prices to steadily climb over the 2000s.

What was the highest gas price ever?

Prior to 2022, the highest ever average recorded by AAA was $4.114 per gallon in July 2008. Average U.S. gas prices soared to a record high of $4.33 in March shortly after Russia invaded Ukraine, which caused crude oil prices to surge and threatened global supply.

Why did gas prices drop in 2008?

Energy prices thus fell due to diminishing demand, a contraction of credit with which to make purchases, and lower corporate earnings which led to layoffs and increased unemployment.

Why was gas prices so high in 2012?

AAA blamed hurricanes, refinery outages and tensions in the Middle East for the high prices. The third most expensive year on record was 2008, when prices averaged $3.25 a gallon.

When was the highest gas prices in the US?

With little end in sight to the ongoing energy crisis, it seems to be only a matter of time before the historical record for a gallon in the US is beaten: in July 2008 the price of gas hit $4.14 per gallon, which when adjusted for inflation would be around $5.37 in today’s dollars.

Why is gas in SC so high?

The gas tax in the state has increased each year since 2017, but crude oil prices have also pushed prices at the pump to new heights in South Carolina. “We try not to go too far or do too much,” motorist Mary Wallace said.

How much was gas in 2009?

Supporting Information

Is gas cheaper in NC or SC?

South Carolina’s $2.86 average is the seventh-cheapest price nationwide. North Carolina’s average of $2.90 is the 11th-cheapest price. California has the country’s highest gas prices with an average of $4.30 for a gallon of regular unleaded.

When was the last gas crisis?

Understanding the 1979 Energy Crisis
Short-run disruptions in the global supply of gasoline and diesel fuel were particularly acute in the spring and early summer of 1979. Several states responded by rationing gasoline, including California, New York, Pennsylvania, Texas, and New Jersey.

How much was a barrel of oil in 2008?

2008: oil prices peak at $145.85 then bottom at $32
By August 13, prices had fallen to $113 a barrel.

Which state has the highest gas prices?

Prices are generally highest in the West, with gas at $5.54 in Washington and Oregon, $5.31 in Arizona, and more than $5.50 on average in Alaska and Hawaii. Only one state east of the Rockies has an average gas price above $5.30 a gallon: Illinois, where the average price is $5.56.

What caused the gas spike 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.

When was oil at its highest price?

July 2008
In 1980, globally averaged prices “spiked” to US$107.27, and reached its all-time peak of US$147 in July 2008.

How much is gas in Hawaii?

$5.414 $5.634
Hawaii average gas prices

How much is gas in Alaska?

State Gas Price Averages

Who has the cheapest gasoline in the world?

Venezuela
Technically, the price per gallon at the Venezuelan pumps is $ 0.08 —meaning that it would cost pennies to fill up a rig.