US Gas Prices are skyrocketing right now due to the Russia / Ukraine Crisis. The average across America is $4/Gallon and over $5/Gallon in California. And they could be surging higher in coming months if the Russian Invasion of Ukraine persists.
The last time gas and oil prices went this high were the summer of 2008. There was a big Economic Recession, Housing Crash, and Stock Market Crash shortly thereafter. And nearly every time there has been a big spike in gas prices over the last 50 years, a recession has followed.
The states with the highest gas prices in include California, Oregon, Nevada, and Washington. After adjusting for how much people drive, California and Texas have the highest annual cost of gas prices for American Consumers.
Why do higher gas prices tend to cause recessions? Because higher gas costs are a tax on the American consumer. And the increase in gas prices over the last year accounts for a nearly $200 Billion tax on Americans.
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