Some good news for the economy is that gas prices have been falling quickly since this summer and aren’t showing signs of slowing as we approach a national average of $3/gallon. Gas prices are a HUGE factor in the high inflation numbers we have been seeing, both directly costing more and indirectly impacting the prices of other goods.
I expect this cheaper gas plus the raising rates from the fed will put downward pressure on inflation. But I wouldn’t hold your breath for a FAST drop. I heard a good quote about prices recently that they “rise like a rocket, but fall like a feather”. I think companies are quick to raise prices to cover their costs, but slow to drop them in response to competition. BUT, hopefully the free market wins out and prices do come down to reflect the new market reality.
Note that this is the national AVERAGE, so you’ll be seeing different prices. Hawaii has the highest state average price in the nation at $5.17, and the cheapest gas award goes to Texas at $2.75!
Thanks to @gasbuddy for tracking and sharing this data on their website!
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.