Gas Price Timeline

One of the major points of political talk in The U.S. is the failing economy. When I think back upon when things started to get financially tougher, one of the first things to come to my mind is gas prices. I remember a time not too long ago when gas prices were under $2 a gallon but these rose quickly. Higher gas prices meant that everything else cost more…such as food, for example. It costs more to get the food to you because of gas prices so the food ends up costing more. I want to understand the economy a little better…I want to see the big picture as clearly as possible. The economy reminds me of a giant, jumbled puzzle with the pieces everywhere. With that said, I felt like a good starting point was to take a look at gas prices historically…just to get a rough snapshot. Above is a chart illustrating gas prices over the past 8 years and surprisingly there are dramatic peaks and dips. My question is….what causes these fluctuations?

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