UK Seeks Renewable Energy Boost: Energy Secretary Ed Miliband to Visit China in 2025
Gasoline Prices in 2023 See a Decline in Prices Since December 2022
By Shubhendra Anand , 10 January, 2024
Gas prices fluctuated throughout 2023 based on geopolitical issues, inflation, consumer demands, and production, among many other factors. The global economic crisis clutched prices, and gas prices were no exception. The United States Energy Information Administration reveals that the national average price of one gallon of gasoline declined to USD 3.14 in the second week of December 2023.
According to surveys, the recent decline in gasoline prices is due to the sharp decline in crude oil prices in 2023, such as West Texas Intermediate crude (WTI) decreasing to USD 70 per barrel in December 2023. The earlier price was at USD 90 per barrel for crude oil for three months before the crude oil price fell to USD 70 per barrel in December 2023. The market price for crude oil was higher less than three months ago due to the extension of cutbacks from oil exports from countries like Saudi Arabia and Russia in 2023.
Based on the information given by the United States Energy Information Administration, the national average price of one gallon of gasoline has seen the highest price decline, which is USD 3.14, at the beginning of December 2023 since December 2022. The agency reports that the holiday ahead of December's second week might have seen a massive rush in the roads and transportation systems in the United States. Therefore, the decline in crude oil prices at the year-end peak will benefit Americans in 2023. Experts expect the average fuel cost to drop to around USD 3 per gallon in the United States by the end of 2023.
A decline in gasoline prices will benefit consumers in many ways, such as expanding their businesses and others. The consumers support the idea that a decrease in gasoline prices will allow them to make more investments in the business sector. Thus, a decline in gasoline prices in the United States will take full advantage of the holiday season in December 2023.
Fall in Gasoline Prices Between December 2022 and December 2023
Latest News
UK Seeks Renewable Energy Boost: Energy Secretary Ed Miliband to Visit China in 2025
Energy Secretary Ed Miliband will visit China from March 17 to 19, 2025, to boost the United Kingdom’s (UK) renewable energy initiatives. This visit aims to revive the UK-China Energy Dialogue, excluding nuclear power, via clean and sustainable…
Semiconductors Powering the Future: Fostering Renewable Resources Growth Amid Complexity in Supply Chains
In 2025, the global semiconductor industry is set to boom as sales are projected to increase by 15 percent, reaching nearly USD 721 billion. This growth is prominent in both the technological region and the aiding toward the clean energy shift.
With…
Advanced Packaging Reshapes Chip Industry in 2025
The world of semiconductors is evolving with new advanced multichip packaging innovations in 2025. Due to the advancements, the chip's performance improves, mobile devices and new GenAI technology can be produced promptly, and production and…
AI Reinvents Energy Efficiency in Building Designs 2025: A Novel Approach to Clean Energy Transition
In 2025, AI technology will change energy efficiency in buildings, marking another milestone in the shift towards renewable energy. With AI, Building Management Systems (BMS) can now guarantee energy monitoring and optimization, which minimizes waste…
Big Tech Backs Nuclear Expansion: Pledges to Triple Global Capacity by 2050
Leading technology giants Amazon, Google, and Meta have teamed up with other big energy users in a historic action at the CERAWeek 2025 energy conference in Houston to promote an ambitious initiative: doubling world nuclear power capacity by 2025…
Shubhendra Anand
Head Research
Latest News
Semiconductors Powering the Future: Fostering Renewable Resources Growth Amid Complexity in Supply Chains
Advanced Packaging Reshapes Chip Industry in 2025
AI Reinvents Energy Efficiency in Building Designs 2025: A Novel Approach to Clean Energy Transition
Big Tech Backs Nuclear Expansion: Pledges to Triple Global Capacity by 2050
