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Gas Prices are Higher Since Oil Prices are Rising. I Paid $3.17 for BP Gas Yesterday.

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It's Tuesday, January 24th, 2023, and the average gas price nationally is now $3.44 a gallon in the U.S. In California gas is still expensive. The average price there is $4.45 per gallon.

Today (1/23) I topped my tank off and the best price I could find in my area on Long Island in Suffolk County was $3.17 for BP. That's a good price considering the New York State Sales Tax Holiday ended on 12/31. That sales tax holiday resulted in a 16 cents per gallon savings.

Prices still vary greatly from station to station. I've seen brand-name gas sell elsewhere on Long Island for as high as $3.89. In my area, $3.29 per gallon is a common price for a brand-name gas.

On Tuesday (1/24) Brent Crude Oil closed at $86.21 a barrel which is way less than the 52-week High of $139.13 in 2022 or in other words 38% less.

If you're a senior collecting Social Security, you were happy to learn that the 2023 COLA increase is 8.7%. You can now expect to burn less of that on gas.

However, food prices remain high as do the interest rates being charged on credit cards. The Federal Reserve Bank recently raised interest rates by 0.5%. That was the 7th time in 2022 that the Fed raised rates. So be sure to look at the rate you're now being charged when you receive your next credit card statement. I am being charged 13.74% interest on my credit card. I started out at 9.75% about 2 years ago.



Comments

jameswritesbest (author) on August 14, 2020:

I do appreciate you taking the time to read my article and also for your most informative and detailed response. Be well & stay safe

CHRIS57 from Northern Germany on August 14, 2020:

You wrapped up the facts very clearly.

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Looking at the mess from the outside, let me do some remarks on the US as a whole and the state of New York in particular.

It looks like the state of New York actually followed moreless the same restriction, distancing and lockdown measures that European countries have enacted. The result: Bending the curve, reducing the number of active cases. The relief is obvious. Daily deaths are small compared to Texas or Florida.

When NY peaked in daily new cases (somwhere around April 8th), the state had recorded 9.000 deaths. Today it is 32.000 deaths.

https://www.worldometers.info/coronavirus/usa/new-...

So even if you peak in new cases, the aftermath is horrible (3,5 times).

This is well within the range of what other countries on our planet registered, that had peaked and brought down fatalities.

You can do your own math and do this for the whole US. It will be a bit more complicated, because you have to subtract the states which are static (like NY) and do the multiplying.

My quick pick would be: US peaked on 20th of July. Death count 145.000. The states (today static) to be subtracted probably peaked combined beginning of May. (then 70.000 deaths).

My quick and dirty maths: 145.000 - 70.000 = 75.000.

Apply the multiplier 3,5 = 75.000 x 3,5 = 262.500

Add the already static states again: 262.500 + 70.000 = 332.500

Within a one year period after Covid19 outbreak the US will be very lucky if numbers are kept below 300.000.

Imho vaccination programs will not help enough. Here in Germany the early infected and recovered Covid-19 patients already lost their immunity (antibodies). Happened within 3 months. Hopefully vaccines do better than the virus itself did in creating immunity...

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