Mar 6, 2023 - News
Miami commuting gets more affordable in 2022
Drivers in the Miami metro spent an average of $3.45 for every gallon of gas in February — down 3% year over year, per data from GasBuddy.
The big picture: Cheaper gas is good news for American consumers, especially commuters.
- Nationally, gas cost about $3.40 per gallon in February — down 6% year over year, but up 2% from January.
- In the Miami area, gas prices have risen by 1% since January.
Why it matters: More than three-quarters of American commuters drive to and from work, meaning they're particularly sensitive to the ebbs and flows of prices at the pump — especially as other basic goods also get more expensive.
Driving the news: Crude oil prices have fallen over the past year, leading to cheaper automotive gas.
- A barrel of West Texas Intermediate crude — a common industry benchmark — costs around $76 as of late February, down from about $122 in June 2022.
- Oil prices spiked last year amid uncertainty over Russia's invasion of Ukraine and the economic sanctions against Russia — a major oil producer — that followed.
- While the fighting drags on, oil markets have largely stabilized, as CNN reports.
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