Last week the Energy Information Administration reported that retail gasoline prices heading into Memorial Day weekend averaged $2.40 per gallon nationally. This marked the second-lowest price ahead of the Memorial Day weekend since 2009.
The EIA included a graphic displaying gasoline prices over the past decade.
Average retail gasoline prices 2007-2017
Unmentioned in the story was the primary reason that Americans are paying much less today for gasoline than they were just a few years ago. But let's take a trip down memory lane to review.
Starting in the first half of the previous decade, oil prices went on a steady climb as crude oil and finished product imports topped 12 million barrels per day (BPD). The average price of West Texas Intermediate (WTI) rose every year from 2001, and by July of 2008, it rose above $140 per barrel (bbl). The price would get a brief reprieve in response to the 2008 financial crisis, but by 2011 the price returned to the $100/bbl level.
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