Lawrence, KS – The US drivers haven’t experienced a $3 average price per gallon since 2014, though it came close in 2018 and 2019.
Some states are already dealing with $3 gas, including Pennsylvania, Illinois, Arizona, Utah, Nevada and California. After getting crushed by Covid in 2020, the oil market has been one of the biggest winners of the reopening surge on Wall Street.
US crude hit a pandemic high of $66.09 a barrel on March 5, an incredible rebound from the April 2020 low of negative $37 a barrel.
The V-shaped recovery in the oil sector did run into trouble last week. US crude tumbled 6% to $61.42 a barrel on worries over the rocky rollout of vaccines in Europe.
Even with US crude above $60 a barrel, the nation is only producing about 10.9 million barrels of oil per day, according to estimates from the federal government. That’s down by a staggering 2.2 million daily barrels from the same period in 2020.