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Gas is close to the $3 per gallon mark and has broken that in parts of the South.
Several factors are keeping prices at the pump low — including the greater number of EVs and hybrids on the road.
Production cuts may no longer be as effective at propping up prices because electric vehicles are cutting into global demand.
Since the end of September, Brent Crude has been sliding — down to the $84-a-barrel range, more than a 10% decline in just over a week. This is also playing out at the pump, with gas down about eight cents a gallon in the last week.
Tight global supply raises costs for industry and motorists, but for now, the pain is milder than it was during price spikes decades earlier.
Inflation at the pump is in the pipeline for August. It would likely show up right before the Fed’s September interest rate meeting.
Last year’s price spike was largely the result of a shortage of refining capacity.
Cutting production usually leads to an increase in prices. Here’s why that might not be the case this time.
Saving money on gas is the main reason they would buy an EV, according to experts. But cost is still a deterrent.
The law aims for transparency in a state known for high gasoline prices.