D.C. has some of the country's most expensive gas
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Gas prices are at an all-time high, and D.C. is leading the pack with prices that are among the most expensive in the nation, according to AAA.
Why it matters: With 60% of Metro’s fleet still out of service and high rideshare prices, getting around D.C. has become complicated and pricey.
Zoom in: App-based drivers are one of the groups making less, thanks to spending more of their earnings on gas.
By the numbers: The average price in the District for a gallon of gas as of yesterday is $4.35, which is the highest-ever recorded.
- In Maryland, the average is $4.19.
- In Virginia, the average is $4.10, but in northern Virginia it’s $4.20.
Between the lines: While historic office vacancy rates tell us that much of D.C. is still working from home, demand for gasoline in the U.S. increased in the last two weeks of February, the most recently available data, according to the U.S. Energy Information Administration.
- Demand was 7% higher in the week ending Feb. 25 than the comparable period a year earlier, when the average gallon was below $2.70, writes Axios’ Nathan Bomey.
Americans are fed up with being cooped up during the pandemic, and they’re eager to hit the road for vacation in 2022.
- “The effects of a two-year pandemic are finally fading,” JPMorgan Funds chief global strategist David Kelly wrote Monday. “This is unleashing huge pent-up demand for travel, entertainment, and leisure services.”
Worth noting: $4 a gallon gas isn't what it used to be. The nation’s record of $4.11 in July 2008 would've translated into a price of $5.25 in Jan. 2022 when accounting for inflation.