Inflation and its Impact on Gas Prices
Inflation and its Impact on Gas Prices The American economy has experienced several changes over the past two and a half decades. Since the 1990s, the economy has experienced rising and dropping levels of inflation, which has, in turn, resulted in uneven changes in the prices of different commodities including gas. The average gas price in 1990 was $1 per gallon and has been rising since then with the highest price of $3.53 per gallon being noted in 2011 (Avro, 2012). In between the years, the price has dropped but has not gotten to levels of as low as $ ...